I am writing this on yet another public holiday (Corpus Christi – celebrated on the Thursday after Trinity Sunday, with Trinity Sunday being the Sunday following Pentecost, eight weeks after Easter Day – so it will actually move to June 20th next year). There seem to be so many at this time of year – by the time Portugal Day comes round on the 10th of June I calculate that will make four in just over six weeks. If you were in the Açores you would actually get one more, with tomorrow, 1st June, being Açores Day.
In 2012, the Coalition government of Portugal controversially revoked four holidays — two civilian holidays (Republic Day and Restoration of Independence) and two religious ones (today’s Corpus Christi and All Saints Day). The move was effective from 2013 onward and was presented as a measure to increase productivity in the context of the 2011–2014 Troika bailout to Portugal. The four holidays were eventually restored by the government of António Costa, who was in Funchal last week, in January 2016
Italian threat to Europe continues
The New York Times has an article on the front page focusing on the problems in Italy previously mentioned here. They note that the latest developments increase the likelihood of another election in the near future, one which would effectively become a referendum on the Euro. Italian bonds experienced their biggest one-day jump in 26 years earlier this week.
The Telegraph reports that credit ratings agency Moody’s has put 12 Italian banks and 6 large Italian companies on ratings watch as the political turmoil drags on.
Funchal Noticias report that the Bathing Complex of Ponta Gorda on the seafront walk between the new Lido and Ajuda has joined the list of lidos receiving attention before the summer season kicks off. This facility regularly experiences wave damage during strong seas.