Last week, Prime Minister Jos Scrates resigned after his government’s latest austerity package was rejected by parliament. His move followed the downgrading of his country’s credit rating to the category above “junk”. While Ronaldo’s fee, though double the current record (paid by Real Madrid to Manchester United for Ronaldo’s club affiliation in 2009) barely dents the 12bn Portugal owes, Mr Socrates, now caretaker premier, believes that the international bond markets will take it as a symbol of Portugal’s determination to tackle the crisis, and respond accordingly..
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