Portugal Junked: 'Bailouts - outrageous anti-taxpayer scam'

[ktlight]

Europe's ongoing struggle to save the Euro has been dealt another blow as Portugal has had its debt downgraded to junk status. Moody's, the credit rating agency behind the move, says a default is likely unless the country is given another bailout. Many analysts have questioned the logic of saddling struggling economies with more debt as speculation grows over whether the EU is ready to come to Portugal's rescue again. And the direction the EU and the IMF are taking in solving this crisis may well lead to severe consequences - that's according to Douglas Carswell, an MP from the British Conservative Party.


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[Davidallany]

Will governments save their citizens when major depression strike?
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[alsiani]

What Moody's have done makes no sense in the economical point of view. The new (social democrat) Portuguese government has started their work just a week ago, and they were already taking tough austerity measures, like cutting 50% (on the part of the salaries above minimum wage) of the christmas subsidy. The Portuguese dilemma is that more and more austerity will eventually kill the economy. 51% of GDP goes to the state (taxes). Its outrageous. The socialists were in power for the last 6 years. Now it's the social democrats in charge, and they're willing to really change things up in the state expenses field.
Everyone is angry now. Voices raise up everywhere against this move from the rating agencies. Everyone understands that this was done to take attentions of dollar weaknesses, so they want to destabilize the euro. It wasn't against Portugal. It was a move against EU.
And people on the streets start to understand that something is very very wrong... We make sacrifices, we pay all the mess and in the end they this do kinds of stuff. I believe that if nothing changes Portugal will definitely go bankrupt. There is no way we can pay all this IMF deal. We have 23% VAT and they think it has to raise to 24% maybe 25%. And the minimum wage is 500 euros. It's total madness!

[Martin]

The only real solution would be to let the EURO bury itself (because obviously that is what it wants to do, right? :D) and let the so called sovereign states here in the "EU" go back to their own currencies. If a state does not controll its own money then the state is beeing controlled. Sure, it wouldn't be the philosopher's stone as long as we keep the current system of money creation (central bank system), but at least it would appear to be a little bit less insane and that is something,right!? The EURO the last egg layed by Helmut Kohl (and others of course). "Blooming meadows." my ass.

The EURO never had a chance and sadly excatly that was the point all along. It's a madhouse alright!

Martin