With Portugal's 78-billion-euro IMF-EU aid programme about to come to an end, its creditors are not only expecting the country to exit its massive bailout on May 17, but urging it to do so without a safety net.
Europe is headed for scorching summers with temperatures well over 40 degrees Celsius (104 deg Fahrenheit) and droughts in the south within the next 40 years, climate scientists said Friday.
Is Europe on the verge of a popular uprising? The question was asked by one of Greece's most respected newspapers as another year of painful austerity drew to a close.
Portugal may be mired in a debt crisis, but its 25 richest people got 16 percent wealthier in 2013, with fortunes equivalent to nearly 10 percent of the country's GDP, rankings published Thursday showed.
Many Latin American leaders were no-shows at the opening of the 23rd Ibero-American summit in Panama, revealing the foundering direction of the annual forum.
Portugal's opposition Socialists inflicted a stinging defeat on the Social Democrats in local elections as voters displayed their frustrations at the government's austerity measures.
A Portuguese economist, whose book "Why We Should Leave the Euro" has become a rapid best-seller, says it is only a matter of time until his crisis-wracked country leaves the troubled currency.
The European Commission is expected on Wednesday to increase the pressure on several countries, particularly France, to speed up structural reforms seen as the only reliable way to boost growth and job creation.
Portugal said Friday it will take banking giants JP Morgan and Santander to court to make them renegotiate deals that have left state-run companies paying hefty interest rates.
Eurozone and EU finance ministers meet in Dublin from Friday to finalise the Cyprus bailout and consider extending debt repayment dates for Portugal and Ireland.
Despite the risk of aggravating the recession and unemployment, Portugal's government is wagering that following the austerity prescribed by its creditors will help it regain market confidence and avoid a second bailout.