The Golden Shares in Portuguese law versus Troika and European Union
Abstract
In 2011, at the height of the great global economic crisis that shook international markets and forced major changes in global political, Portugal, celebrated with the Troika, a memorandum of understanding which bound the Portuguese State to a list of measures, according with Treaty on the Functioning of the European Union and varied case law of Court of Justice of the European Union, the privileged state shareholdings in companies that pursuit private interests -Golden shares– under the risk that foreseen funds cannot be redeemed.
Like the mentality of other European countries, Portugal, and more specifically the legislature, early expressed the need to fill its "sense of ownership" in the economic and business scope, safeguarding the right of veto on important issues of companies re-privatized, imposing thus their will on behalf of the infamous "public interest", despite the state influence was not proportional to the small participation in the capital.
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