More austerity for France - Portugal tumbling towards purgatory
The true horror story, disregarded in the Brussels EU midnight meetings was Portugal. Ambrose Evans-Pritchard in his column this morning in the Daily Telegraph, spells out the entire horror story with a compelling graphic, linked here.
Premier Pedro Passos Coelho has been praised by EU leaders for sticking to austerity pledges under Portugal’s EU-IMF rescue, but the policy is pushing the country deeper into slump and playing havoc with debt dynamics.
The EU deal was not designed to deal with such a threat. The working assumption is that Greece alone is the essential problem, and that other troubles are under control or caused by jittery markets.
Portugal has a special position in the advancement of the tyranny that is now the EU, in that the package imposed by the EU on that nation was negotiated with its civil servants while elections were underway, and thereafter imposed upon the supposed politicians.
Reichsmarschall Rehn will presumably soon be giving urgent thought as to how ridiculous and unreasonable demands can eventually be imposed.
Labels: Portugal
0 Comments:
Post a Comment
<< Home