Thursday, March 24, 2011

Portugal - a country in Crisis

So last night, the Prime Minister resigns after losing a vote for further austerity measures.

On the back end of last year the Government produced a PEC (a stability and growth plan) with a lot of tough austerity measures to counteract the growing deficit problem. This included, cutting wages, merging departments or scrapping them all together, cutting of services, raising taxes etc, etc. Some of these measures are in place from January, some others are about to come into force.

But 2-3 weeks ago, they announce they need to make another PEC with further measures, and so it begins and what a mess it became. This goverment is a minority so they need their closest rivals, PSD to back them to get anything big, such as this, through Parliament, but no-one was backing them, no-one, so the vote failed and the PM resigned as he said he would if it did not go through. Me, myself was very surprised that he did actually resign as he is such an arrogant mug, that I thought it was a hoax. But come on, they should have got it right in the first place, to ask for more measure less than 6 months later, makes them look like a bunch of monkeys! But there has been a lack of transparency in the spending of the Government for a long time, so who knows what mess their predecesors will have!

Oh look, here come the IMF, take cover and hide your money!

No comments:

Post a Comment