Conselho Consultivo - 29.NOV.11 - ETV

Conselho Consultivo - 29.NOV.11 - ETV - Diário Económico


http://www.youtube.com/watch?v=6PMLEKjsG68

CRÉDITO CONCEDIDO/CRÉDITO DE COBRANÇA DUVIDOSA - Particulares - Variação Mensal

Empréstimos de Outras Instituições Financeiras Monetárias a Particulares
Loans of Other Monetary Financial Institutions to Private Individuals
Crédito		Concedido		Cobrança Duvidosa
Banking Credit	Installment Credit			Uncertain Collection
Habitação	AGO.11	113923		2057
Mortgage	SET.11	113755	-0,15%	2090	1,60%
Consumo	AGO.11	15024		1393
Consumption	SET.11	14976	-0,32%	1381	-0,86%
Outros Fins	AGO.11	11870		1067
Another Finality	SET.11	11758	-0,94%	1090	2,16%
Total	AGO.11	140817		4517
Total	SET.11	140490	-0,23%	4561	0,97%
Fonte: Boletim Estatístico do Banco de Portugal
Source: Portugal Central Bank

Conselho Consultivo - 22.NOV.11 - ETV

Conselho Consultivo - 22.NOV.11 - ETV - Diário Económico

http://www.youtube.com/user/economicotv#p/u/7/xG3SgHNQibw

Statement by the EC, ECB, and IMF on the Second Review Mission to Portugal

Staff teams from the European Commission (EC), European Central Bank (ECB), and the International Monetary Fund (IMF) visited Lisbon during November 7–16 for the second quarterly review of Portugal’s economic program. The mission has reached staff-level agreement on economic and financial policies to meet the program’s objectives. Strict implementation of these policies will be needed to restore external competitiveness, bolster confidence in the sustainability of public finances, and maintain financial stability while ensuring adequate credit in support of sustainable growth.

Growth in 2011 is likely to be somewhat better than foreseen in the program, but the recession in 2012 is now projected to be more pronounced, with GDP expected to contract by 3 percent and risks to the outlook tilted to the downside. From the external side, global headwinds are hampering exports, while, on the internal side, the fiscal consolidation measures in the 2012 budget, tighter credit and financial market conditions, and weaker confidence are dampening domestic demand. Consumer price inflation will remain elevated, reflecting significant indirect tax and tariff increases. The economy is expected to recover, albeit at a gradual pace, in 2013.

Implementation of the 2011 budget has proven difficult. While preliminary data indicate that the end-September ceiling on the cash deficit was met, spending overruns relative to program objectives for the whole year could add up to 1½ percent of GDP on an accrual basis. These unexpected budget pressures reflect in large part slippages in expenditure controls and insufficient corrective measures. Against this backdrop, the government is seeking to negotiate a voluntary agreement with the major banks to transfer part of the assets and liabilities of these banks’ pension funds to the social security system, so as to allow meeting the 2011 fiscal deficit target of 5.9 percent of GDP.

The 2012 budget includes bold and welcome measures to bring the fiscal program back on track. In the mission’s assessment, it is consistent with meeting the ambitious fiscal target of 4.5 percent of GDP in 2012. Moreover, key measures, particularly nominal cuts in public wages and pensions and increases in indirect taxes, are also appropriate in view of the need to switch from a consumption-based to a more export-led growth model. But implementation of the 2012 budget will need to be accompanied by flanking measures to address still rising spending arrears and to reduce other fiscal risks, particularly at the level of local and regional governments and the state-owned enterprises. In this context, the envisaged adjustment program for the troubled autonomous region of Madeira will provide an opportunity to signal that errant fiscal behavior at the regional and local levels will no longer be tolerated.

Portugal’s major banks are facing fresh challenges to strengthen their capital positions. The authorities are putting in place the rules that will regulate the temporary use of public funds for recapitalizing banks. These rules will need to respect the interests of tax payers, preserve the stability of the banking system, and comply with European Union state aid rules. A balanced and orderly deleveraging of the banking sector over the medium term will allow banks to address their funding imbalances, while safeguarding adequate credit to the more productive sectors of the economy.

Overall, the program is off to a good start. However, its success crucially depends on continued implementation of a wide range of structural reforms that will remove the rigidities and bottlenecks behind Portugal’s decade-long growth stagnation. In order to improve labor cost competitiveness, wages in the private sector should follow the lead taken by the public sector in implementing sustained pay cuts. The program envisages measures to reduce dismissal costs and increase wage flexibility at the firm-level. As for tackling entrenched practices that distort competition, a strengthening of the competition framework is underway and progress has been made on liberalizing the telecommunication markets. Nevertheless, more progress on curbing rent-seeking in sheltered sectors, particularly energy and regulated professions, is needed. The mission agrees with the authorities that a fresh and determined effort is required to re-invigorate the structural reform agenda in scope, focus, and specificity.

The government’s program is supported by loans from the European Union amounting to €52 billion and a €26 billion Extended Fund Facility with the IMF. Approval of the conclusion of this review will allow the disbursement of €8 billion (€5.3 billion by the EU, and €2.7 billion by the IMF). These disbursements could take place in December and January subject to the approval of the IMF Executive Board and ECOFIN and EUROGROUP. The joint mission for the next program review is expected to take place in February 2012.

PASSOS A DAR

Artigo de Opinião do autor - Diário Económico - 9.NOV.11

http://economico.sapo.pt/noticias/passos-a-dar_130893.html

How to Reduce Debt – Debt Reduction Snowball Method

There are several different methods that you can take advantage of when it comes to paying off your debt. However, some can be a little harder to do than others. The best way to determine the best method for you to utilize is looking into the various methods and figuring out which method is going to best meet your individual needs.

A very popular way to begin cutting down on your monthly debt is called the Snowball Method. For the most part this is a fairly simple way to begin watching your debt go away. In this method you take all of your monthly expenses and payoff the lowest amount you owe to a creditor first. This can take a little time depending on your income. What you need to do is add as much extra into this payment as you possibly can. After the first one is completely paid off go to the next lowest debt and repeat until all of the debts are paid off.

Generally it does not take a long time to begin to see the light at the end of the tunnel, however the amount of debt that you have is going to determine how long it takes for you to be able to reach that light. In general, you should begin seeing a change in your financial dent in a short period of time. As you begin to pay off the debts you have acquired you can then start to breathe again and divide your extra income into larger payments toward debt until all of your debt is paid off.

The only real drawback to taking advantage of this method is you will still have interest charges to pay every month. The way the interest on each of your accounts owed is going to determine the amount of money that will be paid in the interest. For example, if you have the same interest rate on a higher bill as you do on the lower bill, you are spending more by paying off the smaller debt than the larger debt. In these cases if possible you might want to payoff some of the higher amounts first.

By switching things around to better work for your individual needs is going to be your best option. Looking closely at what you owe and the interest rate on each bill is going to help you to determine the debt that will need to be paid off first. This is not always an easy plan to stick with, especially if the largest debt is overwhelming, it just might seem as if you are not gaining any ground over the debt. Be patient and hold on, in due time you will be back on your feet.

As long as you can maintain your budget you can rest assured that your financial freedom should be nearing you. Your hard work and discipline will soon be rewarded in a way that you can be proud of. Be sure that you learn from any spending mistakes you have made, do not repeat them.