The Portuguese high court has annulled several components of the Portuguese governments austerity budget, leading to a new crisis:
http://www.dw.de/constitutional-court-rejects-parts-of-portugals-budget/a-16724591
As a result the prime minister, Pedro Passos Coehlo, has proposed deep cuts in social security, health, education and public enterprises:
http://www.bbc.co.uk/news/world-europe-22058461
The European Commission issued a statement regarding the situation on Sunday:
http://www.businessinsider.com/europe-issues-sunday-night-statement-amid-new-situation-in-portugal-2013-4
Capitol controls continue in Cyprus, and there are ongoing concerns that they may still end up leaving the Euro zone: http://www.bbc.co.uk/news/business-22002153
Meanwhile, Slovenia may be the next country needing a bailout, with the small country being compared to Cyprus: http://www.bloomberg.com/news/2013-04-07/slovenia-bailout-signaled-by-worsening-debt-swaps-euro-credit.html
It is a gloomy end to the weekend, and it will likely show in the markets this week: http://www.businessinsider.com/portugal-and-growth-cause-euro-gloom-2013-4
Treasury Secretary Jack Lew heads to Europe to push for growth policy: http://www.nytimes.com/2013/04/08/business/economy/in-europe-lew-will-press-for-more-growth-less-austerity.html
and more on Lew's trip:
http://www.cnbc.com/id/100621964
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