Jolly Minister of Finance, Mário Centeno,
with the Eurogroup leaders.
Keep on smiling, Mário,
like a little lap-dag wagging his tail in his masters presence!
It won't last much longer!! Reality is catching up very fast!
"DER SPIEGEL" Headline: (2 hours ago).
The Eurogroup will increase the pressure on Portugal
to change its economic policy.
The German magazine "Der Spiegel" says that the euro ministers
will increase its pressure on Portugal to change the economic policy
at the next meeting of the Eurogroup.
They fear the return of another debt crisis.
The Portuguese government will be under pressure
from the Finance ministers of the euro zone,
at the next meeting of the Eurogroup, to change its economic policy,
due to fears of a return of the sovereign debt crisis.
The information is being advanced by the German magazine "Der Spiegel",
that cites responsible resources in Berlin and Brussels
without identifying them.
The Eurogroup meeting is taking place next week.
The rise in risk premiums, demanded by investors to buy Portuguese debt,
is seen as a sign that Portugal could face financing problems
in the international markets, says the German newspaper.
And there are fears that the return of distrust
in the euro area may infect France and Italy.
Also according to the article in Der Spiegel, quoted by Bloomberg,
the German government and the European Commission
are concerned that Portugal may have to use a new funding program
from the ESM (European stability mechanism).
However, official sources of the ESM, contacted by Bloomberg,
is categorical in denying this most radical scenario, saying:
a new financial assistance program for Portugal,
is not being considered.
The reversal measures on the revenue side and and increased expenditure,
with the immediate replacement of public servants´ wage cuts,
the increase of the minimum wage
and the slowdown in the pace of the deficit reduction,
are the poluplist policies of the unelected government,
led by António Costa,
which will put the country back under pressure
from the international financial markets,
adds "Der Speigel".
Reality can be cruel and impeccable.
All the populists, liars, and ursupors of the elected,
will sooner or later,
bump their popular heads,
against the wall of "reality",
perhaps, suffering a bloody nose, or a bruised forehead,
but reality, always seems to appear on the scene,
when least expected.
In the case of Portugal,
it is just a matter of time, for when there´s NO MONEY,
how can you spend millions plus more millions,
grossly discriminating against the private productive sector,
who has to work at least 40 hours per week,
while state workers, (non-productive sector) only work 35 hours.
Someone has to pay, sooner or later.
How can a country survive in a competitive world,
when they cancel international contracts,
international sales reversed,
major international companies turned away,
by constant strikes, and labour disputes and labour restrictions?
WHO, the hell wishes to INVEST in such a country?
There is a long and ardous way of gaining international confidence,
international credibility,
which isn't automatically acquired,
and real hard work is necessary to maintain this conquest of confidence.
But once this confidence is squandered away,
it is with distrust and suspicion,
that the country is observed from afar,
and credibility may NEVER be fully restored.
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