• Portuguese government collapses, bailout likely
    39 replies, posted
[url]http://www.bbc.co.uk/news/world-europe-12841492[/url] [img]http://www.cbc.ca/gfx/images/news/topstories/2011/03/23/li-jose-socrates-portugal62.jpg[/img] [quote="BBC"] Portuguese Prime Minister Jose Socrates has resigned after parliament rejected an austerity budget. The defeat is likely to trigger a bailout similar to the rescue packages Greece and the Republic of Ireland had to accept last year. All five opposition parties voted against the austerity measures, which included spending cuts and tax rises. Mr Socrates had earlier said he would no longer be able to run the country if the budget was not adopted. Elections are likely to take place in a few months' time. Mr Socrates, from the centre-left Socialist Party, presented his resignation to President Anibal Cavaco Silva two hours after the vote in parliament. EU summit Opposition parties said the budget - the fourth package of austerity measures in a year - went too far. "Today, every opposition party rejected the measures proposed by the government to prevent that Portugal resort to external aid," Mr Socrates said in a televised address. "The opposition removed from the government the conditions to govern." The vote late on Wednesday came on the eve of a European Union summit to finalise a eurozone debt crisis plan. On Thursday, Eurozone leaders begin a two-day summit during which they hope to finalise details of a "grand bargain" to deal with the 17-nation group's debt burden. The country's borrowing costs have surged as investors worried over its financial health. Lisbon has argued its situation is different from Greece and the Irish Republic - both of which have agreed to bail-outs from the European Union and International Monetary Fund. It says that its deficit and debt are lower than those nations, that it has not suffered a bubble in property prices and that its banks are sound. The yield on Portugal's 10-year bond hit a new high of 7.52% in late trading on Wednesday ahead of the key budget vote, an indication of investors' concerns about the country's ability to pay back its debts.[/quote] One of my good friends is Portuguese and most of his families savings are within Portuguese bank accounts/properties in Portugal, so this is likely to cause him a lot of problems.
A lot of my relatives live in Portugal. :smith:
Next up spain, where do we get money pull it out of our asses?
Fffff We're meant to be past the worst of it [img]http://imgkk.com/i/f8g5.png[/img]
Can Canada have its seat back in the UN Security Council then?
[img]http://i50.photobucket.com/albums/f347/alloriginal99/FuckedUpShitRighthere.gif[/img]
Fucking bullshit, I am supposed to make a presentation about Portugal for school. Now I will have problems with identifying the government! :argh:
Sucks to people who have a house in Portugal. Oh wait, that's me!
[QUOTE=Zethiwag;28771966]Sucks to people who have a house in Portugal. Oh wait, that's me![/QUOTE] My friend has two houses and an awful lot of savings.
About time that shithead got out of there, but... Can things actually get worser then this? :ohdear:
[quote]Lisbon has argued its situation is different from Greece and the Irish Republic - both of which have agreed to bail-outs from the European Union and International Monetary Fund.[/quote] That's what we said about us and Greece but that didn't stop us being bailed out. In our case, it was the other way around. We were forced to accept the bailout, and then the government collapsed shortly afterwards. This is not good :sweatdrop:
Oh Jesus Christ, Portugal is my favourite mainland western European nation.
It's because they legalized all drugs!!! :downs:
[QUOTE=Sobotnik;28772461]Oh Jesus Christ, Portugal is my favourite mainland western European nation.[/QUOTE] That was unexpected, Sobotnik.
to bad spain greece and portugal are just huge fucking parasites in the European union
Fuck PEC 4
[QUOTE=ThatHippyMan;28772572]That was unexpected, Sobotnik.[/QUOTE] I kinda meant historically.
Oh. :smith:
[QUOTE=ThatHippyMan;28772954]Oh. :smith:[/QUOTE] Cmon, they started the age of exploration and colonisation!
I mean seriously the package the gov wanted to approve pretty much raped poor people, not a single dime would be taxed from the higher classes
I don't get how a country could go bankrupt, thats just fucking ridiculous.
That was random, I didn't even expect this.
[QUOTE=Richard Simmons;28773300]I don't get how a country could go bankrupt, thats just fucking ridiculous.[/QUOTE] They've been living off the Germans, as have the Greeks, for quite some time now- so, to find the source, you'll have to go back a ways and look at when they first started receiving financial aid from the German government.
It was expected. Honestly, I'm not very happy with this (his resignation). He's basically handing the government over to the conservatives. I'm not old enough to feel the effect they have economically, but I hope they don't start pushing socially conservative laws again. I don't know much about what was in the new plan that was voted down, but I've heard there were more VAT increases, rather than corporate tax increases. That's not good, still, kind of an overreaction, I think. I hope the next government doesn't go to PSD or CDS-PP (right-wing parties) :ohdear: [QUOTE=Awesomecaek;28771862]Fucking bullshit, I am supposed to make a presentation about Portugal for school. Now I will have problems with identifying the government! :argh:[/QUOTE] I'm curious, where are you from? If you want help, I'm here.
[QUOTE=LunchboxOfDoom;28773417]They've been living off the Germans, as have the Greeks, for quite some time now- so, to find the source, you'll have to go back a ways and look at when they first started receiving financial aid from the German government.[/QUOTE] And what are they going to do? Liquidate their assets? Please....
Ah I love my new rig and especially this new monitor, reading these threads and shit is so HD!
[QUOTE=Gekkosan;28773747]Ah I love my new rig and especially this new monitor, reading these threads and shit is so HD![/QUOTE] :bravo:
[QUOTE=Richard Simmons;28773697]And what are they going to do? Liquidate their assets? Please....[/QUOTE] Nothing, probably. Laugh? I don't know. But if the EU does agree to a bailout, they're going to be the ones giving them the money, though. What would Richard Simmons do?
This means bad times are coming in the future. Definitely not good news...
[QUOTE=DrBreen;28773139]I mean seriously the package the gov wanted to approve pretty much raped poor people, not a single dime would be taxed from the higher classes[/QUOTE] This. Fucking this. My dad was raging all day long because of this. Unfortunately I fear that whoever gets elected next might turn out worse than him.
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