Vítor Gaspar
Encyclopedia
Vítor Gaspar was an adviser to the Bank of Portugal since February 2010, having been from 2007 Director-General at the Bureau of European Policy Advisers (ERI) with the President of the European Commission
. Previously he was Director-General for Research at the European Central Bank
for six years. He is currently the Portuguese Finance Minister since 21 June 2011. Gaspar was awarded a degree in economics by the Faculdade de Ciências Humanas of the Universidade Católica Portuguesa in 1982, and has a doctorate in economics by the Universidade Nova de Lisboa, awarded in 1988. He is married and has three daughters.
's cabinet in 21 June 2011. In this capacity, Gaspar's policies included a firm intention to accomplish the European Union
/IMF
-led rescue plan for Portugal's sovereign debt crisis. The rescue plan included widespread tax increases and reforms aimed at better efficiency and rationalized resource allocation in the public sector
, in order to reduce the number of unnecessary civil servants and chronic public sector's overcapacity.
As time went on it became increasingly clear that a series of supplementary measures would be taken during the course of the year as a means to restrain an out-of-control budget deficit. These included sharp cuts in spending on state-run healthcare
, education
and social security
systems, along with widespread tax hikes.
On 18 October 2011, the Portuguese Minister of Finance, Vítor Gaspar, said to the Portuguese television RTP 1
, that the wage cuts imposed to public servants the previous week in the presentation of the Sate Budget for 2012, were the only way to avoid a much more painful and complex policy of public servant mass firing. He said that if wage cuts were not enforced, it would be necessary to get rid of about 100 thousand public servants immediately (under the terms of the law, Portuguese public servants were shielded from unemployment, so a number of special derogation
s would be needed to achieve this).
President of the European Commission
The President of the European Commission is the head of the European Commission ― the executive branch of the :European Union ― the most powerful officeholder in the EU. The President is responsible for allocating portfolios to members of the Commission and can reshuffle or dismiss them if needed...
. Previously he was Director-General for Research at the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
for six years. He is currently the Portuguese Finance Minister since 21 June 2011. Gaspar was awarded a degree in economics by the Faculdade de Ciências Humanas of the Universidade Católica Portuguesa in 1982, and has a doctorate in economics by the Universidade Nova de Lisboa, awarded in 1988. He is married and has three daughters.
Minister of Finance
He was appointed Portuguese Finance Minister of Prime Minister Pedro Passos CoelhoPedro Passos Coelho
Pedro Manuel Mamede Passos Coelho , is Prime Minister of Portugal. Passos Coelho started very early in politics, becoming the national leader of the youth branch of the Social Democratic Party...
's cabinet in 21 June 2011. In this capacity, Gaspar's policies included a firm intention to accomplish the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
/IMF
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
-led rescue plan for Portugal's sovereign debt crisis. The rescue plan included widespread tax increases and reforms aimed at better efficiency and rationalized resource allocation in the public sector
Public sector
The public sector, sometimes referred to as the state sector, is a part of the state that deals with either the production, delivery and allocation of goods and services by and for the government or its citizens, whether national, regional or local/municipal.Examples of public sector activity range...
, in order to reduce the number of unnecessary civil servants and chronic public sector's overcapacity.
As time went on it became increasingly clear that a series of supplementary measures would be taken during the course of the year as a means to restrain an out-of-control budget deficit. These included sharp cuts in spending on state-run healthcare
Health in Portugal
According to the 2010 Human Development Report, the average life expectancy in Portugal was 79.1 years.The Portuguese health system is characterized by three coexisting systems: the National Health Service , special social health insurance schemes for certain professions and voluntary private...
, education
Education in Portugal
Education in Portugal is regulated by the State through two ministries - the Ministry of Education, and the Ministry of Science, Technology and Higher Education. There are a system of public education and also many private schools at all levels of education...
and social security
Social security
Social security is primarily a social insurance program providing social protection or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. Social security may refer to:...
systems, along with widespread tax hikes.
On 18 October 2011, the Portuguese Minister of Finance, Vítor Gaspar, said to the Portuguese television RTP 1
RTP 1
RTP1 is the first television network of Rádio e Televisão de Portugal, the Portuguese public broadcasting corporation. The first television network ever launched in Portugal, RTP1 was launched in 1957 as RTP , and also having a brief period while it was known and marketed as Canal 1...
, that the wage cuts imposed to public servants the previous week in the presentation of the Sate Budget for 2012, were the only way to avoid a much more painful and complex policy of public servant mass firing. He said that if wage cuts were not enforced, it would be necessary to get rid of about 100 thousand public servants immediately (under the terms of the law, Portuguese public servants were shielded from unemployment, so a number of special derogation
Derogation
Derogation is the partial revocation of a law, as opposed to abrogation or the total abolition of a law. The term is used in both civil law and common law. It is sometimes used, loosely, to mean abrogation, as in the legal maxim: Lex posterior derogat priori, i.e...
s would be needed to achieve this).