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“Perpetuating” credit defaults is “negative,” defends Centeno.

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"Perpetuating" credit defaults is "negative," defends Centeno.

“NWe do not view loan defaults as permanent measures because they are negative. […] We cannot stay with this idea of ​​perpetuating the credit moratorium process, ”defended Mario Centeno at a press conference on the Financial Stability Report for June this year, published today by Banco de Portugal (BdP).

According to the governor of the Portuguese central bank, 50,000 companies and 282,000 families had defaulted loans in April, and in the case of companies not belonging to the sectors most affected by the pandemic, they only have a moratorium on capital, that is, they are already paying interest.

“We have to look at the end of September and identify the sectors where economic activity has not yet recovered from the end of 2019, and for these sectors, provide temporary measures to support the resumption of debt service payments, because this is exactly what needs to be done now, ”said Mario Centeno, stressing the need“ together ”to find an answer to the post-moratorium.

Mario Centeno pointed out that the accommodation and catering sectors may need additional support for transitional measures if economic activity has not yet recovered in September.

“We have to be very focused on the European issue of looking at the Portuguese financial system in a European context, because that is where it fits where it develops. We cannot risk isolating institutions or isolating the system from what it is. “The main European trends and therefore banking institutions in Portugal will of course adapt to this evolution, and politics will of course adapt so that there are no systemic problems in the euro area on this issue,” added Mario Centeno.

See also  "Tesla Killer" arrives in Portugal for 49,900 euros.

On Friday, parliament approved an extension and extension of the banking moratorium, which ended at the end of September until December 31, regarding capital refunds for individuals and companies in sectors particularly affected by the covid-19 pandemic.

The final text submitted by the PCP by the Committee on Budget and Finance was approved in a final global vote, with PS abstaining and voting in favor of PSD, Left Block, PCP, CDS-PP, PAN, PEV, Enough, Liberal Initiative. and the unregistered MPs Joacine Qatar Moreira and Cristina Rodriguez.

However, the expansion of this regime applies only to “individuals and companies that develop their activities in sectors particularly affected by the COVID-19 pandemic, as provided for in the annex to Decree-Law No. 10-J / 2020 of 26 March. in its current version, as in particular with respect to the sectors of accommodation, food, culture and transport. “

Read also: Centeno emphasizes that the confidence indicator has recovered “in just 14 months.”

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Economy

The government will extend the tax cut on fuel. View new values

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The government will extend the tax cut on fuel.  View new values

The government will extend the tax cut on petroleum products for the next two months, according to CNN Portugal. But fix the values ​​and stop revisiting them every week.

The government will extend tax cuts on petroleum products in July and August to bring down the final price of fuel. CNN Portugal knows that this decision was approved this Thursday by the Council of Ministers and that it has new characteristics.

The current tax reduction applied only to the months of May and June, thus ending on June 30th. But as fuel prices remain very high, the government decided to extend the decision for another two months, thus covering July and August.

But the model is not exactly the same. The government decided to stop weekly reviews of ISP cuts, as it has done so far, and fix the cuts. Recall that the original goal was to achieve with the help of ISP the equivalent of reducing VAT from 23% to 13%. To do this, the government has launched a set of measures, which now intends to simplify.

Overall, as government sources have been able to confirm to CNN Portugal, the measures approved by the Council of Ministers will constitute a decrease of 28.2 cents per liter of diesel fuel and 32.1 cents per liter of gasoline.which is close to the current values.

According to data from the Directorate General of Energy and Geology from this Thursday, the average price of plain diesel fuel in mainland Portugal is currently 2,062 euros per litre. The average price of regular gasoline 95 is 2101 euros per liter.

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Nasdaq down 30% since January, S&P 500 closes worst half since 1970 – ECO

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Nasdaq down 30% since January, S&P 500 closes worst half since 1970 - ECO





Nasdaq down 30% since January, S&P 500 closes worst half since 1970 – ECO
































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Jackpot for some depositors. Treasury certificates to pay 11% in July – IVF

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Jackpot for some depositors.  Treasury certificates to pay 11% in July - IVF





Jackpot for some depositors. Treasury certificates to pay 11% in July – IVF































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