João Leão right in the days when he was running the country's spending

Former finance minister pulls out of ‘race’ to head-up European Stability Mechanism

Portugal’s former (relatively brief) finance minister João Leão has today ‘pulled out’ of ‘the race’ for a new leader to Europe’s Stability Mechanism. The other contender, Luxembourg’s Pierre Gramegna has also “abandoned the process”, says a statement issued by the Ministry of Finance. According to Expresso, the reason is that neither candidate could muster the sufficient number of votes (80%) to be nominated ‘Director General of the ESM’. It’s now up to president of the Eurogroup Paschal Donohoe to decide what happens next.