Portual government may quit if austerity measures not passed

Reuters reports that a Portuguese government minister says the PM has made clear that he will not be able to govern if austerity measures are voted down.He cannot rule out a resignation of the government if the measures are not passed. Portugal needs to avoid a scenario that would force a bailout request, says the minister.

Potential collapse of the Portuguese government on the eve of a summit to ratify the competitiveness pact?

No problem for the almighty euro. It trades at session highs of 1.4197.

Update: 1.4202 trades, ending any doubt about barriers being triggered in early-morning hours in Asia Monday morning…