Brazil's finance minister, Guido Mantega, said, "We're in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness." (FT)
Romania's interior minister, Vasile Blaga, resigned after a protest by policemen over austerity measures. It seems troubled EU nations continue to have a more difficult time implementing austerity measures than many had hoped.
Portugal will soon see increased taxes according to a report by the OECD. The FT reports that the minority Socialist government has threatened to resign if the opposition Social Democrats refuse to support its 2011 budget proposals, which are expected to include tax hikes.
Ireland also faces higher taxes in the near future. Danny McCoy, the general secretary of the Irish Business and Employers Confederation said, "You have to be an ostrich not to realise there are taxes coming." (FT)
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