Wednesday, July 6, 2011

Portugal in tough times

Today I feel saddened by the news of Portugal's ratings slipping down to the lowest level.  I dont pretend to know or understand too much about this rating system and its affects, but one thing I do know is that these rating agencies have far too much affect and influence on these things. 

I feel sad because I have become protective of my adopted home of three years, and feel this is a low blow that it really didnt deserve as it tries to get back on its feet.  Portugal is a great country full of pride and tradition and it has had a long and impressive history.  It was once one of the strongest countries in the world, with the biggest empire and most discoveries.

They have asked for help and been given it, they have a new government who are already making changes and setting plans in motion to turn things around.  They havent even been in power two weeks and before they can even do anything, show even the smallest progress, they get this blow.  The measures being put in place are tough, very tough and no doubt will push Portugal to the limit, but they are backed by the other European leaders and the IMF, so why did this rating agency feel the need to push them more.  Surely they deserve a small chance, how can a rating agency make this decision so soon.  It almost seems they are trying to crash the Eurozone.  And what about Greece, surely they should be in this situation, after one attempt to sort themselves out they are needed more help!  Portugal deserves a chance before you condemn them.

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