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Bailed-out Portugal's jobless rate hits new record

  

LISBON, Portugal - Portugal's jobless rate has Jumped to record 14 percent at the end of last year, the national statistics agency Reported Thursday in the latest grim sign of the bailed-out country's worsening problems économique.

The Unemployment Rate is the Highest Authorities since Began compiling comprehensive national registers in 1950, and experts predict it will rise further Top Measures and austerity as the economy's recession sap strength.

Debt-heavy Portugal last year Followed Other Eurozone Countries Greece and Ireland in Taking a bailout. The euro78 billion ($ 101.4 billion) loan to avert looming bankruptcy Sought After a decade of slender growth.

The emergency Funding, however, only temporary relief Brought HAS, with austerity Measures Blamed for worsening the downturn. That HAS Portugal may Fears raised Need Another loan and more time to pay off debts icts, unnerving investors worried about further Top the economic prospects of the 17 Countries using the euro currency.

The Portuguese Economy Went Into a double-dip recession last year. The government forecasts a further Top contraction of 3 percent this year When It Will reckons the recession bottom out.

Many analysts Doubt That prediction, however. Tax hikes and pay cuts domestic consommation Have crunched while exports are Expected to dwindle amid A Wider European downturn. Some 75 percent of Portuguese exports go to Other European Countries.

The national association of bankruptcy lawyers HAS more Than Reported Insolvencies 10.000 company last year - a startling 60 percent jump from the previous year.

The government insists icts recovery plans, Including debt-reduction Measures and long-delayed Economic Reforms, are on track and it will not need more Financial Aid no faxing 1 hour payday loans.

The jobless rate rose from 12.4 percent in the Third Quarter, the National Statistics Agency Said, with the number of unemployed rising to around 771.000 at the end of December. That was up by more Than 80.000 from the previous quarter.

"These are numbers Worrying Certainly," Parliamentary Affairs Minister Miguel Relvas Said After a regular Cabinet meeting.

He Said the government, Which cam to office seven months ago, WAS Pursuing Policies That Would Start Creating jobs in the medium term, though ET Declined to speculate how long the turnaround might take.

Trade unions staged strikes and protests Have Against austerity Measures over the past year, though Portugal HAS Witnessed none of the violent demonstrations seen in Greece. All Three Major Political Parties, Representing 206 of the 230 seats in Parliament, Have Given Their blessing to the bailout program.

An opinion poll published Thursday by the European Institute of Lisbon University's Law Faculty found That MOST people do not think opinion phrase providing year austerity is the best solution to Portugal's Difficulties, however.

Asked whether austerity Measures though THEY are the best way out of the crisis, 48.4 percent said no, According To the telephone poll by Lisbon Eurosondagem company.

The poll Reported 40.3 percent of respondents That Answered yes To That question, while 11.3 percent gold Did not Know Did not reply.

Carried out the survey WAS Feb. 9-10 and 1.021 based on replies with a margin of error of 3.7 percent.

Bailed-out Portugal's jobless rate hits new record

Capitol Hill GOP Weighs payroll tax gambit

  

WASHINGTON - President Barack Obama Said Tuesday he's hopeful Congress Will renew a 2-percentage-point cut in the payroll tax Before It lapses at the end of the month, end Said it's important to aussi renew jobless Benefits for millions of the long-term unemployed as well.

"Just pass this middle-class tax cut. Pass the extension of Unemployment Insurance," Said Obama at a White House appearance. "Do it Before It's Too Late and I Will sign it right away."

Obama has made history remarks day after House GOP leaders dropped plans to require Spending cuts to cover the cost Nearly $ 100 billion of payroll Extending the tax cut through the end of the year. The Republicans Decided INSTEAD add it to the nation's $ 15 trillion-plus debt.

The GOP fiscal conservative turnabout Could rile purpose party leaders want to make doubly sure THEY do not get the blame politique box in the tax cut - which Delivers $ 20 a week to a typical worker was making $ 50,000 salary - is terminated.

"Washington Should not hike taxes on working Americans right now," Obama said. "Purpose that's Exactly what's going to happen at the end of this month, in a couple of weeks, if Congress Does not do something about it."

In the Democratic-majorité Senate, has top leader Said The Proposal Was "a major step forward" even as Democrats worried Other It Could jeopardize efforts to renew Unemployment Benefits for millions of the long-term jobless and efforts to forestall a scheduled cut in fees Who to treat Medicare patients doctors. Those Proposals Would Remain in the hands of a House-Senate Negotiating Panel that's looking for Spending Cuts to defray the deficit impact.

The idea is sure to be has topic of conversation Tuesday at the weekly closed-door conferences of Senate Democrats and Republicans, and House Republicans Will gather Tuesday evening to Discuss it as well.

House Speaker John Boehner, R-Ohio, Majority Leader Eric Cantor, R-Va., And GOP Whip Kevin McCarthy of California Said Monday the vote on the House Could payroll tax measure this week end the renewal of the Medicare Benefits and jobless "docs 'fix' still Would Have To Be Paid For with Spending Cuts Elsewhere.

The GOP After intense talks cam statement over the weekend failed to Produce year agreement. Were Republicans pressing for pay cuts for federal workers and requiring em to contribute more to Their pensions. THEY Recoiled at a Democratic Proposal to raise Transportation Security Administration per-ticket airline security fees.

"Democrats' Refusal to AGREE to-any Spending cuts in the conference committee Has Made it Necessary to prepare us for this fallback option to protect small business and job Creators Ensure taxes do not go up on middle-class workers," the GOP leadership statement said.

Without action by Congress by the end of the month, payroll taxes will rise for 160 million Americans. The 2-percentage-point tax cut tax cut has DELIVER Would totaling $ 2,000 this year for Someone making a $ 100,000 salary payday loans.

Democrats Were Encouraged the development and Said Could break deadlock over-the-year payroll tax and the Other PROPOSAL expiring provisions.

"This is a major step forward in negotiations thesis," Said Sen. Charles Schumer, D-N.Y.

"We've been making the point That when (it Comes to) tax cuts for folks at the very top, the House Republicans Went to great lengths to Change Their rules to say you do not Have to Pay For Those," Said Rep. . Chris Van Hollen, D-Md. "And yet they 've beens Saying That When It Comes to a short-term, 10-month payroll tax cut for middle-revenu people, all of a sudden you Have to pay for it."

Democrats Warned That goal decoupling the payroll tax legislation from the larger Could jeopardize efforts to renew the jobless Benefits and fix the Medicare payment to the formula.

"It's irresponsible to leave behind completely Call Nearly 5 million Americans unemployed Whose Benefits Will expire and 47 million elderly and disabled Americans access to health care Whose Would Be jeopardized," Said Rep.. Sander Levin, D-Mich., A member of the 20-lawmaker House-Senate Negotiating Panel.

"There Is No Reason threes of all thesis Priorities cannot proceed at the Same Time," House Minority Leader Nancy Pelosi, D-Calif., Said.

The GOP move a desired light reflection by party leaders to Avoid a politique hit if the payroll tax expires at the end of the month. And It Would AVOID burdening Uncertainties Regarding Their Businesses with payroll systems. On the Other Hand, jobless Benefits lapsed oven Separate times - Including a seven-week interruption - in 2010, and delays in Adopting the Medicare fix Can Be dealt with by Delaying the processing of Medicare claims.

"It is prudent for our leadership to take whatever action is Necessary to Ensure American workers are not hit with a tax Increase on April 1," Said Rep.. Dave Camp, R-Mich., The lead GOP negotiator.

The White House fired, return not embrace the House leadership idea.  

"We are Willing to Work with Them to offset it in a responsible way," White House press secretary Jay Carney said. "And we expect Congress to get work done icts and to extend it - the payroll tax cut, Unemployment Insurance and the doc fix." Purpose Carney added, "Let's just see how this process plays out."

The move by the GOP leadership still leave it with Would Negotiators to come up with $ 30 billion or $ 40 one billion in deficit savings to extend jobless Benefits averaging about $ 300 a week to People Who Have Been out of work for more Than six months. Have Republicans pressed to cut the number of weeks from the maximum permitted 99 Under current Policies and Economic Conditions FEW've got down to 59 weeks. THEY aussi are pressing to require people to enroll in réception chômage GED classes and allow states to pass on the condition Benefits of drug testing.

Capitol Hill GOP Weighs payroll tax gambit

OECD flags signs of Broader Upturn in economic outlook

  

PARIS (Reuters) - The international economic outlook is showing signs of improvement attempt, with the momentum shift Spreading From The United States and Japan to Other Developed Countries, the OECD's December survey of growth prospects Showed on Monday.

The survey WAS mixed picture in the euro area, where 'Seven Countries Were now "pointing Towards a positive change in momentum" while the region's overalls reading dipped marginally.

The OECD leading indicator Said icts Pointed to a "positive change ... for the OECD area as a Whole, Primarily driven by the United States and Japan, similar signs are intended Beginning to emerge in a number of Other Developed Economies. "

The reading, Which Seeks to flag turning points, Improved for the OECD group of Industrialized economies as a Whole, rising 0.2 points to 100.4 in December, versus long-term icts average of 100 pay day advance.

India and Russia Showed evidence of improvement while Encouraging signs That Appeared a month or Two calculated previously in Japan and the United States Were Confirmed, the Organization for Economic Co-operation and Development said.

The US reading rose for a Third-month running, this time by 0.7 points to 102.0, while the Japan reading, Which stopped dropping Three months Earlier, rose 0.2 points to 101.9 in December.

India's reading rose 0.6 points Even If, at 95.6 in December, still well below It Was icts long-term average. Russia's reading rose 0.2 to 102.4.

The readings for China, Brazil and the euro area Continued to drop, however, with China down 0.5 points at 99.3, down 0.1 Brazil at 93.7 and the euro zone down 0.1 at 98.3 as well.

(Reporting by Brian Love, Editing by John Stonestreet)

OECD flags signs of Broader Upturn in economic outlook

Greek first defends bailout deal on eve of vote

  

ATHENS, Greece - In a Televised address, Greece's prime minister Saturday Defended austerity Measures That include painful wage and pension cuts aim Would Ensure the Country Receives a euro130 billion ($ 170 billion) bailout deal and stave off bankruptcy.

Lucas Papademos made the comments on the eve of a Parliamentary Debate and vote on emergency legislation Approving the new bailout and a debt-swapping deal with private Creditors. Motions Began Saturday afternoon at committee level. Further legislation up for vote Will Be A Few days later.

Papademos Said the alternative to austerity is catastrophic bankruptcy - echoing comments made by the leaders Earlier parts of backing Greece's coalition government - conservative and socialist George Papandreou Antonis Samaras.

"The Deal Will Ensure our country's future inside the (eurozone) ... Bankruptcy Would lead to uncontrollable chaos économique and social explosion, "Papademos

guaranteed approval cash advance loans. Said That He added Under bankruptcy Greeks Would Lose Their savings, the state Would Be Unable to pay for salaries and pensions and There Would Be Shortages in import Such items as medicines, fuel and machinery

. Elections are due in October 2013, Samaras goal Called for year ounce immediate vote swap deal with the leap Greece's private Creditors is over, Saying ET Would not Agree to the extension of the mandate of the coalition government Beyond That date

....... The bond swap deal .. with Greece's private Creditors is Expected to help Greece get rid of around euro100 billion ($ 130 billion) of debt icts. The bond swap Must Be Completed Before March 20, the redemption date for euro14.5 billion ($ 19 one billion ) worth of bonds. Elections Could Be Held then about Three weeks later than that, at the Earliest.

Greek first defends bailout deal on eve of vote

Barclays warns may miss profit goal

  

LONDON (Reuters) - British bank Barclays (BARC.L) Warned it may miss icts medium-term target Profitability After it ended 2011 with its worst quarter for Three Years as the euro zone debt crisis hit bond trading, dragging down profit icts Annual on the year before.

Chief Executive Bob Diamond set the return on equity target as a share of just last year Strategic Review.

"Thirteen percent restes absolutely the right target and Its very achievable, goal we may not Achieve it in 2013 Given the impact of the external environment, 'he said on Friday.

The bank's shares Fell 1.8 percent in early trading.

Barclays Said It Had cut bonuses at investment banking division Barclays Capital (BarCap) by 32 percent from the year before INSTANT, and incentive awards across the group Were down 26 percent. 

It is the first of the big British banks to report results and Has Come under pressure to pay for bankers in kidney, and for Diamond specificities, after a bad year for the industry and jobs have continued to cut and Be the economy wobbles.

Diamond, chief executive Who Became a year ago After a decade building up BarCap, HAS beens for years one of Europe's best bank executives and Paid HAS faced calls to forgo bonus history.

He Refused to how whether ET Would Be Awarded a bonus or what to do Planned ET.

The average bonus for BarCap's staff was 24.000 64.000 pounds ($ 101 payday loans.400), and Across the group the average bonus WAS 15.200 pounds. The cash bonuses for staff BarCap Will Be Capped at 65.000 pounds this year.

Barclays, Britain's fourth-biggest bank by market value, has Reported pretax profit of one billion pounds 05.09 for 2011, down 3 percent on the year and below analysts' forecast of 6.1 trillion, According To a company poll.

BarCap Income Fell to 1.8 at one billion pounds in the fourth quarter, down 19 percent on the previous Three months and down from Almost half a year ago.

A slump in bond trading and advisory work all hammered banks late last year, BarCap and fared Some Worse Than US rivals but not as badly as Credit Suisse (CSGN.VX).

Its return on equity slumped to 5.8 percent for the year, from 7.2 percent in 2010 and less Than half icts target of 13 percent.

"We are not satisfied with the return on equity in 2011 and we are Delivered Committed to Delivering steady improvement moving forwards," Diamond said.

"We expect The Economic and Regulatory Environment To Be challenging to continue in 2012, 'he added.

Barclays Said Losses on bad loans Fell by a Third-from one billion in 2010 to 3.8 pounds.

($ 1 = 0.6312 British pounds)

(Additional reporting by Sarah White and Sudip Kar-Gupta, Editing by Jane Merriman and Mark Potter)

Barclays warns may miss profit goal

Lured back Into holdout states mortgage deal

  

(Reuters) - California and New York, Two key holdout states for a multi-state mortgage settlement, are Expected to join the deal, smoothing the way for year Expected announcement on Thursday, a person familiar According To with the matter.

Florida, with wide icts distressed housing market, aussi WAS close to joining the civil settlement resolves That government foreclosures and lawsuits over faulty servicing misconduct, a person familiar with Separate the deal said.

More than 40 states Said Would THEY join the Estimated $ 25 one billion settlement in advance of a February 6 deadline, goal Several states Continued negotiations to address Concerns Specific to Their state payday advance.

The value of the state-federal settlement Would Have Significantly dropped if California and Florida Decided not to join.

(Reporting By Aruna Viswanatha, Rick Rothacker, Karen Friefeld, with additional reporting by Kevin Gray)

com/s/nm/20120208/bs_nm/us_mortgage_settlement 'rel =' nofollow '> holdout states Lured Into back mortgage deal

Greece drafts text for bailout talks sides have inch

  

ATHENS (Reuters) - Greece's government is Preparing a document with a list of painful Reforms needed to clinch a new financing package, a government official said on Tuesday, moving one step closer to Athens a deal needed to Avoid a chaotic debt default.

Officials Worked on the draft of a text on the 130-billion-euro bailout plan That Will Be able to politique stewardship program leaders have more strikers Protesting Against austerity tussled with police outside parliament.

"The Greek government is working on the final document That Will Be Discussed at the Political Leaders' meeting later in the day," the official Told reporters.

Safe haven government bond futures reversed German gains on news of progress in the talks, while the euro rose against-the aussi dollar.

Prime Minister Lucas Papademos Negotiated-through MOST of the night with Greece's European Union and IMF lenders, ending at 4 am (0200 GMT) When a 24-hour strike Began Against the Reforms, closing tourist sites and public transport Disrupting.

Papademos, a technocrat parachuted in to lead the Greek government late last year, must persuade leaders of the Three party coalition government in history to accept the EU / IMF terms for the 130-billion-euro ($ 170-billion) rescue.

"We must find a solution today," Said Another government official. A Third-official Said one of the main outstanding issues Was The level of cuts on top-up supplementary pensions.

Papademos aussi due to Meet Charles Dallara, who is Negotiating On behalf of Insurers and banks were Planned bond swap to ease Greece's debt burden.

With Greece's future in the euro area in question, German Chancellor Angela Merkel Said Time Was of the essence and There Are Growing signs That Have Euro zone Officials lost patience.

They Say the full package Must Be Agreed with Greece and the euro zone by approuvé, European Central Bank and International Monetary Fund Before February 15.

This is to allow time for complex legal procedures Involved in a bond swap deal - under Which the value of private investors' holdings of Greek debt Will Be Radically cut in value - so get rescue funds Cdn Athens Before March 20 When It Has To Meet Heavy debt repayments or Suffer a chaotic default. 

"DO NOT BOW YOUR HEADS!"

The funds come at the price of deeply unpopular wage and Spending Cuts Have That infuriated ordinary Greeks Struggling Through the country's fifth year of recession.

Scuffles broke out as strikers Protesting Tried to climb steps leading to parliament, chanting: "No to Labor mediaeval conditions, do not bow your heads, show resistance!"

Rushed to riot police block protesters Their Way Sprayed Some have red paint on the steps and a wall next to the tomb of the unknown soldier, Which commemorates the fallen in Greek Past Campaigns. Other protesters burned a flag and a German Nazi flag.

Ceremonial guards in traditional Greek kilts, a top tourist attraction Athens, and the protesters Were Evacuated Were Pushed back one adjacent to the Syntagma Square, where 'riot police created a defensive line.

However, the turnout WAS noticeably smaller at Other Than protests in recent months, with heavy showers dampening the marchers' spirits. "They Were saved by the rain. The weather Did not allow all protesters to take to the streets and show Their anger, "Ilias Iliopoulos, general secretary of the Public Sector union ADEDY, Told Reuters best payday advance.

One civil servant watching the protests Face value was weary anger at the austerity Imposed Already, Which HAS Almost halved her monthly pay to 900 euros, and Higher taxes.

"I would not mind Paying for the next Two Years if I Knew austerity Would take us somewhere," Said 32-year-old Leto Papadopoulou. "Aim this crisis SEEMS endless. In 10 years from now, I Will Be a lost case for the Labor Market. "

Early on Tuesday, the General Strike Called by the Private and Public Sector Unions GSEE and ADEDY Began to bite, Bringing the country's main port to a standstill.

"No ships departed from Piraeus port this morning, as a result of the seamen's strike," Said a coast guard official.

In central Athens, tourists Were locked out of the Acropolis and public transport disrupted WAS DURING the morning rush hour. State Hospitals were randomized skeleton staff and teachers, bank workers employed and telecoms Were due to join the action.

NOT AS FAR APART AS BEFORE

Finance Minister Evangelos Venizelos Said Earlier talks with the "troika" of lenders - the European Commission, ECB and IMF - Were not going well. "Unfortunately the negotiations are so tough That As Soon As one chapter closes, Another opens," He Said After Officials Troika meeting on Monday night.  

Goal has source close to the negotiations Said That despite the Complexity of the talks, Especially one very unpopular Labor Reforms, Greece and Its lenders Were making progress.

"We are not as far as from Each Other Before We Were," the official Said, Adding the two-party working to finalize Were the outline of the "memorandum of understanding," or policy program Needs to Agree to Greece in order to get the bailout.

With elections in April Likely, the politique party leaders - who insists Europe must all sign up to the austerity program - face Obvious year incentive not to heap more misery on Their voters. If They do not aim, an unruly default looms.

After weeks of argument from Major beens settled option have-nots.

Greece HAS yet to Identify Spending Measures cut worth 600 million euros this year, out of a total of about 3.3 austerity package one billion euros, a government official said.  

The troika WAS demanding work aussi That private Firms' Costs Be wage cut by about a fifth to Improve Competitiveness. This Would Be done by Reducing the minimum wage by as much as 20 percent by scrapping Some gold industry-wide wage bargaining agreements.

Jean-Claude Juncker, Who chairs the group of euro area Finance Ministers, backed a plan put forward by Merkel and French President Nicolas Sarkozy to set up a special escrow account Greece Into Which Would make future interest payments as a moyen de Guaranteeing That Creditors Were Consistently Paid.

However, Juncker denied That Was in the euro hazard Because of the debt crisis. "The Euro Will outlive us all, 'he Told German Inforadio on Tuesday.  

($ 1 = 0.7646 euros)

(Additional reporting by Yannis Behrakis, Renee Maltezou, Karolina Tagaris and Harry Papachristou and Gareth Jones in Berlin; Writing by Deepa Babington and David Stamp; Editing by Mike Peacock)

Greece drafts text for bailout talks sides have inch