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Algarve a Oito Mãos – Portuguese fado and European Central Bank solutions



People say that “at home, where there is no bread, everyone swears and no one is right.” The last few weeks illustrate well the relevance of the wisdom of our people. Otherwise, we’ll see. Costa came to the terraro to warn the European Central Bank (ECB) that another hike in interest rates could jeopardize the already precarious economic situation of the Old Continent in 2023. Marcelo soon joined the chorus, asking the Frankfurt-based bank to exercise caution in its actions. solutions. Interestingly, to the surprise of some, Mario Centeno, who is currently Governor of the Bank of Portugal (BdP) but who was already Costa’s finance minister, soon after publicly disagreed with those who are the two highest figures in the Portuguese state. , arguing that the ECB really should do everything possible to control inflation in the eurozone.

Let’s face it, fighting inflation is absolutely essential. So Centeno’s remarks make sense now that the governor seems to be convinced that the general rise in prices is not just a cyclical issue. So, economic theory (and experience) says that delaying the fight against inflation will lead to a general deterioration in living conditions, especially in the case of the poorest sections of the population. It should also be said that the ECB is simply fulfilling its mandate by raising interest rates in the current environment, as its main concern is maintaining price stability.

However, there is a problem. In implementing this policy, the ECB is forcibly abandoning the practice it established in March 2016. This can be summed up in a simple way: Access to cheap money in the Eurozone is (was) possible. By raising the key rate from 0.0% to 2.0% in just over four months, the ECB has detonated a real bomb inside the eurozone, the fragments of which will hit its member countries asymmetrically, mainly due to the level of debt (public and private) they have there is.

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It was probably this aspect that prompted Costa and Marcelo (and more recently Fernando Medina himself) to come to the game to ask the ECB to calm down. In fact, as is almost always the case in such cases, Portugal continues to be one of the most vulnerable countries in need of more protection. Although the Socialist Party seems to be more aware of the need for accurate reporting, the truth is that the country is still the third largest in the euro area with the highest public debt as a percentage of gross domestic product (127.4). % in 2021, according to the National Institute of Statistics – INE), second only to Greece (193% in 2021) and Italy (150.8% in 2021). Therefore, it is not surprising that the new policy of the ECB immediately dictated an increase in the hidden interest rate on bonds issued by our republic. In particular, for ten-year debts, this rate increased from 0.36% to 3.1% within one year. Unfortunately, the scenario is not much different when we look at the business sector and families. INE data shows that in 2021 our non-financial sector companies needed funding equivalent to 1.7% of GDP. BdP shows that Portuguese families currently owe the bank about 100 billion euros in home loans, to which we must add another 20.7 billion consumer loans…

USE: This article only expresses the opinion of its author, without representing the position of the persons with whom it cooperates.

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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