{"id":11202,"date":"2023-11-08T16:17:54","date_gmt":"2023-11-08T16:17:54","guid":{"rendered":"https:\/\/infundpros.com\/business\/portugals-economic-plans-in-disarray-after-pm-resignation\/"},"modified":"2023-11-08T16:17:54","modified_gmt":"2023-11-08T16:17:54","slug":"portugals-economic-plans-in-disarray-after-pm-resignation","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11202","title":{"rendered":"Portugal\u2019s economic plans in disarray after PM resignation"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=1a0a68b4-bbbd-4e89-aa56-c15c88549253\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Portugal\u2019s expat tax reform and privatisation plans have been put on hold in the wake of prime minister Ant\u00f3nio Costa\u2019s shock resignation over a sprawling corruption encompassing lithium mines.<\/p>\n<p>The Socialist prime minister, in power since 2015, stepped down after prosecutors issued arrest warrants and raided government buildings in an investigation into possible corruption, malfeasance and influence peddling. <\/p>\n<p>Costa denied wrongdoing but said he could not stay on given the \u201csuspicions about [my] integrity\u201d raised by prosecutors.<\/p>\n<p>The country has been left in political limbo. It awaits a decision on Thursday from president Marcelo Rebelo de Sousa on whether to appoint another prime minister from the current parliament, which analysts regard as unlikely, or dissolve parliament and call a snap general election for early next year.<\/p>\n<p>\u201cNone of the options are good,\u201d said Paula Esp\u00edrito Santo, a political science professor at the University of Lisbon (ISCTE). \u201cI think the solution will be the dissolution of parliament and new elections. But everything is still open.\u201d<\/p>\n<p>The uncertainty also covers next year\u2019s budget, which aimed to tackle the cost of living crisis by scrapping tax breaks for well-off foreigners and cutting income tax for others. <\/p>\n<p>The budget drew international attention for ending tax benefits including a 10 per cent flat tax on overseas pensions. But Nuno Cunha Barnab\u00e9, a partner at Abreu Advogados, a Lisbon law firm, said it was vital domestically to tackling the soaring cost of living via tax cuts and increases in public sector pay and pensions.<\/p>\n<p>\u201cIf you have all these people continuing to suffer with inflation, not having any tax relief or any salary increases for at least another four, five or six months\u2009.\u2009.\u2009.\u2009That\u2019s the sensitive part of it,\u201d he said.<\/p>\n<p>The president could choose to delay his formal acceptance of Costa\u2019s resignation and dissolve parliament at a later date, leaving enough time for the existing body of lawmakers to first approve Costa\u2019s budget.<\/p>\n<p>Cunha Barnab\u00e9 said the president \u201calways has the ability to surprise everyone with new constitutional interpretations of powers\u2009.\u2009.\u2009.\u2009We never know what he\u2019s going to decide\u201d<em>.<\/em><\/p>\n<p>The opposition Social Democrats criticised the budget when it was unveiled in October, saying the government was keeping taxes too high and failing to introduce structural reforms to stimulate growth.<\/p>\n<p>After Costa\u2019s resignation, party leader Lu\u00eds Montenegro said: \u201cIt is imperative to regain the credibility and trust [in government] that have been lost and squandered. The only way is through early elections.\u201d<\/p>\n<p>The premier stepping down also slams the brakes on Portugal\u2019s plans to reprivatise the national carrier TAP, a separate legislative initiative that had set up a potential bidding war involving British Airways owner IAG and Air France-KLM.\u00a0<\/p>\n<p>The government had said it would sell a stake of at least 51 per cent in the airline, which is estimated to be worth around \u20ac1bn and swung back into profit in 2022 after years of trouble that have included near bankruptcy, a public bailout and scandals.<\/p>\n<p>The prosecutors\u2019 case cuts to the heart of Costa\u2019s legacy as it centres on transformative economic projects including Portugal\u2019s push to become Europe\u2019s leading source of lithium \u2014 a mineral used in electric cars that is sourced almost exclusively from outside the continent today.<\/p>\n<p>In focus are two high-profile mining projects in the north of the country that have already generated strong local resistance. Nine Portuguese organisations opposing mining activity called on Tuesday for the immediate cancellation of environmental approvals granted to the projects earlier this year.<\/p>\n<p>One mining concession for the Barroso lithium project is held by London-listed Savannah Resources, which aims to become a cornerstone for Europe\u2019s EV industry by producing enough lithium for 500,000 electric cars a year.<\/p>\n<p>The company\u2019s shares slumped as much as 20 per cent on Wednesday over concern that the probe could delay plans to begin production in 2026 and also obstruct the search for a strategic partner to assist with financing the development.<\/p>\n<p>Savannah said that it is co-operating with investigators and that neither the company nor its employees are official suspects in the investigation. It added that work at the Barroso project is continuing and its mining leases issued in 2006 remain in \u201cgood standing\u201d.<\/p>\n<p>The second project under investigation is the Romano mine in Montalegre, where the concession is held by the private Portuguese prospector Lusorecursos. It did not respond to requests for comment.<\/p>\n<p><em>Additional reporting by S\u00e9rgio An\u00edbal in Lisbon<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/1a0a68b4-bbbd-4e89-aa56-c15c88549253\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Portugal\u2019s expat&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-11202","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portugal\u2019s economic plans in disarray after PM resignation | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Portugal\u2019s expat tax reform and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=11202\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portugal\u2019s economic plans in disarray after PM resignation | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Portugal\u2019s expat tax reform and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=11202\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-08T16:17:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-wall.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=11202#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=11202\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Portugal\u2019s economic plans in disarray after PM resignation\",\"datePublished\":\"2023-11-08T16:17:54+00:00\",\"dateModified\":\"2023-11-08T16:17:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=11202\"},\"wordCount\":776,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=11202#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=11202\",\"url\":\"https:\/\/infundpros.com\/?p=11202\",\"name\":\"Portugal\u2019s economic plans in disarray after PM resignation | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-08T16:17:54+00:00\",\"dateModified\":\"2023-11-08T16:17:54+00:00\",\"description\":\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Portugal\u2019s expat tax reform and\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=11202#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=11202\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=11202#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Portugal\u2019s economic plans in disarray after PM resignation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Portugal\u2019s economic plans in disarray after PM resignation | inFundPros","description":"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Portugal\u2019s expat tax reform and","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=11202","og_locale":"en_US","og_type":"article","og_title":"Portugal\u2019s economic plans in disarray after PM resignation | inFundPros","og_description":"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Portugal\u2019s expat tax reform and","og_url":"https:\/\/infundpros.com\/?p=11202","og_site_name":"inFundPros","article_published_time":"2023-11-08T16:17:54+00:00","og_image":[{"width":1920,"height":1200,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-wall.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=11202#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=11202"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Portugal\u2019s economic plans in disarray after PM resignation","datePublished":"2023-11-08T16:17:54+00:00","dateModified":"2023-11-08T16:17:54+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=11202"},"wordCount":776,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=11202#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=11202","url":"https:\/\/infundpros.com\/?p=11202","name":"Portugal\u2019s economic plans in disarray after PM resignation | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-08T16:17:54+00:00","dateModified":"2023-11-08T16:17:54+00:00","description":"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Portugal\u2019s expat tax reform and","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=11202#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=11202"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=11202#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Portugal\u2019s economic plans in disarray after PM resignation"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11202"}],"version-history":[{"count":0,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11202\/revisions"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}