Portugal is now without a government. Its chairman, Socrates, had to resign after the drubbing he has dealt the Portuguese parliament rejected his third austerity plan, after the failure of the first two. (Note: the situation is almost identical to what has occurred in Spain with several failures and announcements are in no recovery. The difference is that where the legislature has fulfilled its function, and if you disagree, then rejects it, while in Spain was passed around after casting toads and snakes.) Portugal has been putting the latest debt issues with a rate of 8% (Greece intervened when he was in the 7), indicating that nobody trusts their resilience. Intervention is the next logical step. The question is whether it will be before or after the election of the new government, but it seems clear that given the division, the failure to approve a final plan of austerity to reduce the deficit and then begin to grow the neighboring country, intervention is almost inevitable. But the problem is not just Portugal. The first measure has affected us is the lowering of rating agency Moody's to some of our banks and they might have committed nearly eighty billion euros in debt Lusa. As the possibility of no cash them removed (such that it does is that if you paid 10, I returned 8 and give thanks to the model manager wicked gospel) is zero if we rely on the statements of 'who wears the pants 'in Europe that is Rottenmeyer Merkel has already said to be making financial institutions to the idea that they can lose money.
But is that Portugal was the dam that was in front of us (perhaps together with Italy the largest PIIGS-Portugal, Ireland, Italy, Greece and Spain) to avoid getting involved who are financing our lifestyles . The problem we have is that we are too big to fail , but this may be because the nail to force us further tighten our belts. And as the final decision to allow social agents follow the negotiating ad aeternum not seem to help us. The decision to link wages to productivity is not 'debatable', imposed from Europe and more than Méndez and Toxo be stubborn, be well ... and be better for everyone, but that will be the subject of another post.
the moment we have to be clear is that the beard of my neighbors are peeling ... and this may be a sign for us hustler once, or not say universal Galician.
0 comments:
Post a Comment