The unelected Socialist government of Portugal
is taking the country on an irreverssible downward path which will spiral into disaster
Disregarding all warning signals, both nationally and internationally,
António Costa and his radical marxist bedfellows,
are leading the country to another painful international bailout.
According to the monthly report, released today, by (UTAO)
Technical Budget Support Unit,
."At the end of March, the direct debt of the State stood at 227.3 billion,
representing an increase of 799 million euros
from the previous month
and 3.9 billion from the same month of last year"
advances the note of the UTAO.
The UTAU also details the direct debt increase in the State by instrument,
noting here its "focused, especially at the level of medium and long-term debt securities,
as a result of the issuance of four Treasury Bonds auction,
two maturing in April 2021 amounting to 1,190 million euros,
"with maturity in July 2026 in the amount of 651 million
and the other maturing in February 2030 in the amount of 539 million euros.
In addition, according to UTAO, there was a net increase
in the stock of savings certificates and Treasury Certificates
worth 21 million and 323 million EUR respectively.
On the other hand,
the balance of Treasury bills decreased by 443 million EUR
(issue of 1,864 million euros and amortization of 2,554 million euros).
Finally, the UTAO states that a floating exchange rate
contributed to a debt decreased by 642 million EUR
The State paid 446 million EUR of loan the interest of the 'troika' bailout programme
In the first quarter,
interest expenses and other net charges recorded a "significant" increase
over the same period last year.
According to UTAO, the interest expenses and other net charges of direct State debt
in the first quarter stood at 1,712 million euros, up 27%.
Contributing to this, above all, was the payment in February of OT coupons,
maturing in February 2016, 2024, 2030 and 2045
(debt for future generations to pay),
and interest on Savings Certificates and Treasury Certificates
fixed at 235 million euros,
against 113 million fot the same period last year.
For loans under the Economic and Financial Assistance Programme (EFAP)
the State 446 million euros in interest,
lower than that recorded in the same period (531 million EUR).
Typically of the socialist-marxists....live lordly today,
throw money at anything moving, without any rigorous criteria,
as if there´s no tomorrow.
Whoever comes after us, will pay the bills,
and who cares about the future generations?
Anyway, it will always be the next government´s problem
when the country is bankrupt yet again.
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