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Portugal's finance minister resigns

  • Portugal's Finance Minister Vitor Gaspar announced his resignation on Monday.

    In a resignation letter seen by the Reuters news agency, Gaspar said the failure to meet public deficit and debt targets had hit his credibility.

    Maria Luis Albuquerque is set to replace him.

    Gaspar has been hailed by the international community for maintaining a close watch on the country’s finances following a bailout in 2011.

    However, Portugal remains in recession with unemployment rates sitting at 18 percent.

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