Former Finance Minister Vítor Gaspar

Gaspar’s €280,000 ‘last laugh’

Former Finance Minister Vítor Gaspar, who resigned from the government last summer after repeatedly failing to meet fiscal targets and being blamed for plunging the country into a deeper recession, has definitely had the last laugh.
As Portugal still staggers under his legacy of austerity measures, the economist who the Financial Times described as a “technocrat with no political experience” has bounced into a top job with the IMF in Washington, on a bumper salary.
Correio da Manhã splashed his monthly earnings across their front page on Monday, revealing that the €23,000 per month Gaspar will be receiving as Director of Fiscal Affairs, translates into as much as €280,000 per year.
Announcing his appointment, the IMF’s director general Christine Lagarde said: “Mr Gaspar brings with him impressive management credentials and a formidable record of public policy experience at European and national levels.
“My management team and I look forward to working with Mr. Gaspar on public finance matters and in providing vital fiscal policy advice to our member countries.”
Intriguingly, one of Gaspar’s duties will see him representing the IMF when it comes to discussions over Portugal’s state reforms – and the minister leading those, writes CM, is none other than Gaspar’s rival Paulo Portas.
According to the newspaper, it was “because of Portas” that Gaspar resigned from the government in July last year.
Since his resignation, Gaspar has not been idle. He returned straight away to a plum job at the Bank of Portugal and has been active in Brussels in an advisory capacity ever since.