Difference between revisions of "Maria Luís Albuquerque"
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{{person | {{person | ||
|wikipedia=https://en.wikipedia.org/wiki/Maria_Lu%C3%ADs_Albuquerque | |wikipedia=https://en.wikipedia.org/wiki/Maria_Lu%C3%ADs_Albuquerque | ||
| − | | | + | |description=Portuguese Minister of Finance 2013-15 who introduced "reform" program in agreement with big banks, including [[Morgan Stanley]]. Attended [[Bilderberg 2016]]. Joined [[Morgan Stanley]] board in 2022. |
| − | | | + | |nationality=Portuguese |
|spartacus= | |spartacus= | ||
| − | |image= | + | |image=Maria Luís Albuquerque.png |
| − | |birth_date=1967 | + | |birth_date=16 September 1967 |
|birth_place=Braga, Portugal | |birth_place=Braga, Portugal | ||
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|alma_mater=Lusíada University, Technical University of Lisbon | |alma_mater=Lusíada University, Technical University of Lisbon | ||
| − | |political_parties=Social Democratic Party | + | |political_parties=Social Democratic Party (Portugal) |
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|title=Portugal/Minister of Finance | |title=Portugal/Minister of Finance | ||
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| + | '''Maria Luís Albuquerque''' is a Portuguese politician. She was [[Ministry of Finance (Portugal)|Minister of State and Finance]] between 2013 and 2015. She attended the [[2016 Bilderberg meeting]]. | ||
| + | |||
| + | ==Background== | ||
| + | Albuquerque is married and has three children. She graduated in economics in 1991 from [[Universidade Lusíada]], in [[Lisbon]], and holds a [[Master's degree]] (1997) in Monetary and Financial Economics from ISEG, [[Technical University of Lisbon]]. | ||
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| + | ==Career== | ||
| + | Albuquerque worked at the [[Directorate General of Treasury]] from 1996 to 1999; at the office of Higher Technical Studies and Economic Forecasts of the [[Ministry of Economy]] from 1999 to 2001 and as an advisor to the [[Secretary of State for Treasury and Finance]] in 2001. Between 2001 and 2007 she was director of the Department of Financial Management of REFER, the railway infrastructure public company. From 2007 to 2011 she was head of Issuing and Markets Department at the [[Portuguese Debt Management Agency]]. She was a lecturer at Universidade Lusíada between 1991 and 2006. | ||
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| + | Albuquerque became [[Secretary of State for Treasury and Finance]] between June 2011 and October 2012 and [[Secretary of State for Treasury]] between October 2012 and June 2013. In such capacity, she followed [[Eurogroup]] and [[Ecofin]] matters as alternate to the then [[Minister of State and Finance]]. | ||
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| + | ===Minister of State and Finance, 2013-2015=== | ||
| + | Albuquerque's appointment was followed by the resignation of the former Minister of Foreign Affairs, [[Paulo Portas]], who had openly criticized her nomination.<ref>Raphael Minder (6 July 2013), [https://www.nytimes.com/2013/07/07/world/europe/seeking-to-repair-a-rift-in-portugals-ruling-coalition.html Seeking to Repair a Rift in Portugal’s Ruling Coalition] ''[[New York Times]]''.</ref> Questions were raised after she denied that the Government had been informed about "swap" operations performed under the Government of Prime Minister [[José Sócrates]], while the former minister of finance, [[Vitor Gaspar]], admitted that he had been informed.{{Citation needed|date = February 2015}} | ||
| + | |||
| + | As finance minister, Albuquerque has been supporting the "[[reform]]" program advocated by Portugal's creditors and put in place by Gaspar.<ref>Raphael Minder (3 July 2013), [https://www.nytimes.com/2013/07/03/world/europe/prime-minister-tells-portuguese-he-wont-resign.html Prime Minister Tells Portuguese He Won’t Resign] ''[[New York Times]]''.</ref> In January 2015, she announced that Portugal would follow [[Ireland]] with an early repayment of bailout loans from the [[International Monetary Fund]] after borrowing costs fell and the country was able to sell 30-year bonds.<ref>João Lima and Henrique Almeida (3 July 2013), [https://www.bloomberg.com/news/articles/2015-01-21/portugal-plans-early-repayment-of-imf-loans-albuquerque-says Portugal to Join Ireland With Early Repayment of IMF Loans] ''[[Bloomberg News]]''.</ref> At the time, Portugal's economy was growing again after a three-year [[recession]] caused by a [[2010–14 Portuguese financial crisis|debt crisis]] and [[austerity]].<ref>Andrei Khalip (18 September 2015), [https://www.reuters.com/article/portugal-ratings-sp-idUSL5N11O37L20150918 S&P upgrades Portugal, sees little policy change post-election] ''[[Reuters]]''.</ref> | ||
| + | |||
| + | Also, Albuquerque bolstered Portugal's bank resolution fund (''Fundo de Resolução'') in 2014 by earmarking 5.4 billion euros in Treasury loans. In early August 2014, she spent 4.9 billion euros to rescue [[Banco Espírito Santo]], the country's second-largest lender, mostly from public funds. The bank was split into a regular bank called [[Novo Banco]] and a "bad bank" that inherited unserviced debt.<ref>Sergio Goncalves (21 October 2014), [https://www.reuters.com/article/portugal-bes-treasury-idUSL6N0SG3Y520141021 Portugal bolsters bank resolution fund, sees no new rescues] ''[[Reuters]]''.</ref> | ||
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| + | In her position as finance minister, Albuquerque also was member of the board of governors at the [[African Development Bank]],<ref>[https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/AfDB%20Group%20Annual%20Report%202011.pdf AfDB Annual Report 2011] [[African Development Bank]] (AfDB).</ref> the [[European Stability Mechanism]] and the [[European Investment Bank]]. | ||
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| + | Following the [[2014 European Parliament election in Portugal|2014 European elections]], it was believed that Passos Coelho was going to nominate Luís Albuquerque as Portugal's member of the [[European Commission]], a job that eventually went to [[Carlos Moedas]]. At the time, there was speculation in the Portuguese press that Luís Albuquerque was not nominated because [[Jean-Claude Juncker]] would not guarantee her a weighty portfolio in the commission.<ref>Nicholas Hirst (1 August 2014), [http://www.politico.eu/article/portugal-nominates-moedas-for-commission/ Portugal nominates Moedas for Commission] ''[[European Voice]]''.</ref> | ||
| + | |||
| + | ==Life after politics== | ||
| + | Following her party's defeat after the [[2015 Portuguese legislative election|2015 national elections]] where it won the single largest vote with 38.6% securing almost 47% of the seats in the Assembly before a left-wing coalition has risen to power, Luís Albuquerque left her office as finance minister and became a non-executive director at Arrow Global, a UK-based provider of [[debt purchase]] solutions.{{citation needed|date=January 2018}} | ||
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| + | In November [[2022]], Albuquerque announced that she will join on the Supervisory Board of [[Morgan Stanley]]. The economist will thus start functions in a bank with which she negotiated while in government. In [[2013]], in the midst of the troika bailout and when she held the position of Secretary of State for the Treasury in the Passos Coelho government, Maria Luís Albuquerque renegotiated with several banks - including Morgan Stanley - the "swap" contracts they had with the state.<ref>https://www.jornaldenegocios.pt/empresas/banca---financas/detalhe/maria-luis-albuquerque-inicia-funcoes-no-morgan-stanley</ref> | ||
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{{SMWDocs}} | {{SMWDocs}} | ||
==References== | ==References== | ||
{{reflist}} | {{reflist}} | ||
| − | {{ | + | {{PageCredit |
| + | |site=Wikipedia | ||
| + | |date=04.04.2022 | ||
| + | |url=https://en.wikipedia.org/wiki/Maria_Lu%C3%ADs_Albuquerque | ||
| + | }} | ||
Latest revision as of 14:33, 13 September 2024
 Maria Luís Albuquerque    (politician) | |
|---|---|
 | |
| Born | 16 September 1967 Braga, Portugal |
| Nationality | Portuguese |
| Alma mater | Lusíada University, Technical University of Lisbon |
| Party | Social Democratic Party (Portugal) |
Portuguese Minister of Finance 2013-15 who introduced "reform" program in agreement with big banks, including Morgan Stanley. Attended Bilderberg 2016. Joined Morgan Stanley board in 2022.
| |
Maria Luís Albuquerque is a Portuguese politician. She was Minister of State and Finance between 2013 and 2015. She attended the 2016 Bilderberg meeting.
Contents
Background
Albuquerque is married and has three children. She graduated in economics in 1991 from Universidade Lusíada, in Lisbon, and holds a Master's degree (1997) in Monetary and Financial Economics from ISEG, Technical University of Lisbon.
Career
Albuquerque worked at the Directorate General of Treasury from 1996 to 1999; at the office of Higher Technical Studies and Economic Forecasts of the Ministry of Economy from 1999 to 2001 and as an advisor to the Secretary of State for Treasury and Finance in 2001. Between 2001 and 2007 she was director of the Department of Financial Management of REFER, the railway infrastructure public company. From 2007 to 2011 she was head of Issuing and Markets Department at the Portuguese Debt Management Agency. She was a lecturer at Universidade Lusíada between 1991 and 2006.
Albuquerque became Secretary of State for Treasury and Finance between June 2011 and October 2012 and Secretary of State for Treasury between October 2012 and June 2013. In such capacity, she followed Eurogroup and Ecofin matters as alternate to the then Minister of State and Finance.
Minister of State and Finance, 2013-2015
Albuquerque's appointment was followed by the resignation of the former Minister of Foreign Affairs, Paulo Portas, who had openly criticized her nomination.[1] Questions were raised after she denied that the Government had been informed about "swap" operations performed under the Government of Prime Minister José Sócrates, while the former minister of finance, Vitor Gaspar, admitted that he had been informed.[citation needed]
As finance minister, Albuquerque has been supporting the "reform" program advocated by Portugal's creditors and put in place by Gaspar.[2] In January 2015, she announced that Portugal would follow Ireland with an early repayment of bailout loans from the International Monetary Fund after borrowing costs fell and the country was able to sell 30-year bonds.[3] At the time, Portugal's economy was growing again after a three-year recession caused by a debt crisis and austerity.[4]
Also, Albuquerque bolstered Portugal's bank resolution fund (Fundo de Resolução) in 2014 by earmarking 5.4 billion euros in Treasury loans. In early August 2014, she spent 4.9 billion euros to rescue Banco Espírito Santo, the country's second-largest lender, mostly from public funds. The bank was split into a regular bank called Novo Banco and a "bad bank" that inherited unserviced debt.[5]
In her position as finance minister, Albuquerque also was member of the board of governors at the African Development Bank,[6] the European Stability Mechanism and the European Investment Bank.
Following the 2014 European elections, it was believed that Passos Coelho was going to nominate Luís Albuquerque as Portugal's member of the European Commission, a job that eventually went to Carlos Moedas. At the time, there was speculation in the Portuguese press that Luís Albuquerque was not nominated because Jean-Claude Juncker would not guarantee her a weighty portfolio in the commission.[7]
Life after politics
Following her party's defeat after the 2015 national elections where it won the single largest vote with 38.6% securing almost 47% of the seats in the Assembly before a left-wing coalition has risen to power, Luís Albuquerque left her office as finance minister and became a non-executive director at Arrow Global, a UK-based provider of debt purchase solutions.[citation needed]
In November 2022, Albuquerque announced that she will join on the Supervisory Board of Morgan Stanley. The economist will thus start functions in a bank with which she negotiated while in government. In 2013, in the midst of the troika bailout and when she held the position of Secretary of State for the Treasury in the Passos Coelho government, Maria Luís Albuquerque renegotiated with several banks - including Morgan Stanley - the "swap" contracts they had with the state.[8]
Event Participated in
| Event | Start | End | Location(s) | Description |
|---|---|---|---|---|
| Bilderberg/2016 | 9 June 2016 | 12 June 2016 | Germany Dresden | The 2016 Bilderberg meeting took place in Dresden, Germany. |
References
- ↑ Raphael Minder (6 July 2013), Seeking to Repair a Rift in Portugal’s Ruling Coalition New York Times.
- ↑ Raphael Minder (3 July 2013), Prime Minister Tells Portuguese He Won’t Resign New York Times.
- ↑ João Lima and Henrique Almeida (3 July 2013), Portugal to Join Ireland With Early Repayment of IMF Loans Bloomberg News.
- ↑ Andrei Khalip (18 September 2015), S&P upgrades Portugal, sees little policy change post-election Reuters.
- ↑ Sergio Goncalves (21 October 2014), Portugal bolsters bank resolution fund, sees no new rescues Reuters.
- ↑ AfDB Annual Report 2011 African Development Bank (AfDB).
- ↑ Nicholas Hirst (1 August 2014), Portugal nominates Moedas for Commission European Voice.
- ↑ https://www.jornaldenegocios.pt/empresas/banca---financas/detalhe/maria-luis-albuquerque-inicia-funcoes-no-morgan-stanley
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