The Portuguese Ticking Time-bomb

The Portuguese State Budget for 2011

was approved in Parliament

on Friday, 26th November.

With an ENORMOUS public foreign debt,

and interest rates on states bonds at over 7%,

the country faces a financial

and economic melt-down.

The socialist government of

Mr. Socrates,

and his Finance Minister,

Teixeira dos Santos,

have doubled-over

in their international propaganda campaign,

claiming that Portugal

will NOT need any external help

out of this deadly spiral

in which the country

is fighting for survival.

But the ticking time-bomb

of the socialist government's

extreme spending spree,

will explode in 2014,

when all the PPP's

(Public-private partnerships)

will become due for payment.

The default is expected to be

over 1,361,9 million Euros.

A ticking TIME-BOMB for any future government.