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http://www.telegraph.co.uk/finance/financialcrisis/10037064/Portugal-to-slash-30000-public-sector-jobs-and-raise-retirement-age.html

Portugal's prime minister has announced that the government plans to slash 30,000 public sector jobs as part of a sweeping package of spending cuts to satisfy international creditors.

In a speech to the nation on Friday night, Pedro Passos Coelho also said that the full pension age would be pushed back from 65 to 66 years old and civil servants would be expected to work 40 hours per week instead of 35.

The measures were announced in order to keep the small debt-hit eurozone member eligible for another slice of its much-needed bailout.

Mr Coelho was unveiling the contents of the centre-right government's new "medium-term programme", under which Portugal is hoping to save a total of €6bn (£5bn) to 2016.

Even if they extend working hours it doesn't mean people will actually do anything.

Have we got a Portugal thread,not been able to find one?

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http://www.telegraph.co.uk/finance/financialcrisis/10037064/Portugal-to-slash-30000-public-sector-jobs-and-raise-retirement-age.html

Even if they extend working hours it doesn't mean people will actually do anything.

Have we got a Portugal thread,not been able to find one?

I dream of only working 40 hours a week.

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Have we got a Portugal thread,not been able to find one?

Couldn't see one, surprised.

They sold ten year bonds today , with investors looking to buy 3* as much as they wanted to sell, at 5.5%.

In addition to falling Italian rates, good German factory growth, and stock markets up everywhere (sharply in Italy), a good economic day.

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Portugal’s Coalition Splinters on Austerity Fatigue

Portuguese borrowing costs topped 8 percent for the first time this year after two ministers quit, signaling the government will struggle to implement further budget cuts as its bailout program enters its final 12 months.

Secretary of State for Treasury Maria Luis Albuquerque replaced Vitor Gaspar at the Ministry of Finance. That prompted Paulo Portas, who leads the smaller CDS party in the coalition government, to quit, saying the new minister would offer “mere continuity” of the country’s deficit-cutting plans.

“It sounds the alarm bell of austerity fatigue,” said David Schnautz, a strategist at Commerzbank AG in New York. “This domestic noise is definitely negative.”

Portugal’s 10-year (GSPT10YR) bond yield jumped above 8 percent today for the first time since Nov. 27. The rate was 7.84 percent at 2:40 p.m. London time. The nation pays an average 3.2 percent for loans it received as part of the aid package.

More at the link.

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Couldn't see one, surprised.

They sold ten year bonds today , with investors looking to buy 3* as much as they wanted to sell, at 5.5%.

In addition to falling Italian rates, good German factory growth, and stock markets up everywhere (sharply in Italy), a good economic day.

What a difference a couple of months makes.

EUphile-defended policy crucifying the PIIGS' youth is shameful.

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Guest eight

Even if they extend working hours it doesn't mean people will actually do anything.

I find it hard to believe Portugal even has 30,000 public sector employees, never mind that they can cut them.

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I find it hard to believe Portugal even has 30,000 public sector employees, never mind that they can cut them.

I recall working with a Portugeuse lady many years ago who rubbished the state of the UK's roads, hospitals, schools, etc, because, according to her, everything was better, newer and smarter in Portugal.

There you go.

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Guest eight

I recall working with a Portugeuse lady many years ago who rubbished the state of the UK's roads, hospitals, schools, etc, because, according to her, everything was better, newer and smarter in Portugal.

There you go.

Oh, I've been, and she's right. Most of it funded by EU boom era funny money though - not to mention they've only got about 1/8th of our population.

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I live in Portugal - lovely country, but with its problems.

Too much waste in the public sector, for example our local mayor has 5-6 secretaries with very little to do (this is for a small town of around 10k people), but still have no time to help you with anything you ask as the bureucracy is unbelievable. Same town has its own Tourist centre even though I've never seen anyone else in there. Poor woman has to fill out about 8 forms if you come to ask her something.

No one is allowed to do anything without the bloke at the top deciding, so everyone just refers you to some old duffer who is only there one afternoon a week. This last part includes private as well as public sector businesses.

The old own everything including all the houses, many of which they would rather let just crumble away than allow the younger generation to have. A house nearby has been empty for years, but the owners want it to "store their onions in it" whenever people enquire whether it is for sale.

You're not allowed to do much here either, for example you need planning permission to paint your house a different colour.

I was in Viseu the other day (about 6-7th biggest city) when there was an austerity protest on, which was almost exclusively old people no doubt wanting more money for their pensions. Sadly for them the high taxes and bureaucracy has driven the young people out so there is no one to pay for them. There are more Portuguese living abroad than in the country these days, mostly in France and Luxumberg. I'm sure this is only going to increase in the next few years.

Don't believe the population figures, I'm sure they bump them up to get more money from the EU per capita, but there's probably twice as many people living in London as there are in the whole country here. Even big cities can be completely empty in the middle of the day.

It's hardly surprising because the SDP is the most right-wing party here with the Socialists and Communists the other big parties, so inevitably the state is a big lumbering oaf that stifles any entrepreneurial spirit of the population.

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Don't believe the population figures, I'm sure they bump them up to get more money from the EU per capita, but there's probably twice as many people living in London as there are in the whole country here. Even big cities can be completely empty in the middle of the day.

It's hardly surprising because the SDP is the most right-wing party here with the Socialists and Communists the other big parties, so inevitably the state is a big lumbering oaf that stifles any entrepreneurial spirit of the population.

This is what all PIIGS will end up looking like, unless they ditch the Euro rapidamente.

Edited by Deckard

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Oh, I've been, and she's right. Most of it funded by EU boom era funny money though - not to mention they've only got about 1/8th of our population.

I think a good example might be Madeira. Its a very mountainous island with the 2nd or 3rd highest cliffs in the world. Its got fantastic spanking new roads, many of which are on viaducts which often go straight through the mountains in very long tunnels. Very convenient bearing in mind the height and steepness of these mountains, but how the economy of Madeira can justify what must have been a huge investment is truly mystifying.

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Guest eight

I think a good example might be Madeira. Its a very mountainous island with the 2nd or 3rd highest cliffs in the world. Its got fantastic spanking new roads, many of which are on viaducts which often go straight through the mountains in very long tunnels. Very convenient bearing in mind the height and steepness of these mountains, but how the economy of Madeira can justify what must have been a huge investment is truly mystifying.

Maybe Cristiano Ronaldo still pays his income taxes there.

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Guest eight

I was in Viseu the other day (about 6-7th biggest city) when there was an austerity protest on, which was almost exclusively old people no doubt wanting more money for their pensions. Sadly for them the high taxes and bureaucracy has driven the young people out so there is no one to pay for them. There are more Portuguese living abroad than in the country these days, mostly in France and Luxumberg. I'm sure this is only going to increase in the next few years.

I take it you live in the north then?

Believe it or not I was watching RTP the other day (learning Portuguese, hopefully pending a move myself) and they were reporting the Washington Post article about the plummeting birth rate. Presumably they will need immigration on a megamungous scale to balance the books, although what everybody would do for jobs is a different matter entirely.

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I live in Portugal - lovely country, but with its problems.

Too much waste in the public sector, for example our local mayor has 5-6 secretaries with very little to do (this is for a small town of around 10k people), but still have no time to help you with anything you ask as the bureucracy is unbelievable. Same town has its own Tourist centre even though I've never seen anyone else in there. Poor woman has to fill out about 8 forms if you come to ask her something.

No one is allowed to do anything without the bloke at the top deciding, so everyone just refers you to some old duffer who is only there one afternoon a week. This last part includes private as well as public sector businesses.

The old own everything including all the houses, many of which they would rather let just crumble away than allow the younger generation to have. A house nearby has been empty for years, but the owners want it to "store their onions in it" whenever people enquire whether it is for sale.

You're not allowed to do much here either, for example you need planning permission to paint your house a different colour.

I was in Viseu the other day (about 6-7th biggest city) when there was an austerity protest on, which was almost exclusively old people no doubt wanting more money for their pensions. Sadly for them the high taxes and bureaucracy has driven the young people out so there is no one to pay for them. There are more Portuguese living abroad than in the country these days, mostly in France and Luxumberg. I'm sure this is only going to increase in the next few years.

Don't believe the population figures, I'm sure they bump them up to get more money from the EU per capita, but there's probably twice as many people living in London as there are in the whole country here. Even big cities can be completely empty in the middle of the day.

It's hardly surprising because the SDP is the most right-wing party here with the Socialists and Communists the other big parties, so inevitably the state is a big lumbering oaf that stifles any entrepreneurial spirit of the population.

This goes some way towards explaining why the Portuguese I've met (Holiday, 2005 and tilers on site 2008 - 2010) are belligerent surly twats.

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So if civil servants sit at their desks for an extra 5 hours a week, will they create any additional wealth for Portugal or will they merely be required to sit at their desks longer in return for their general unproductiveness? Seems to me this is just a mean gesture, designed to give the impression that the government is trying to do something, in the full knowledge that "international investors" are going to buy it. OTOH, it might just be that the "international investors" are just plain vindictive.

Edited by Pindar

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So if civil servants sit at their desks for an extra 5 hours a week, will they create any additional wealth for Portugal or will they merely be required to sit at their desks longer in return for their general unproductiveness? Seems to me this is just a mean gesture, designed to give the impression that the government is trying to do something, in the full knowledge that "international investors" are going to buy it. OTOH, it might just be that the "international investors" are just plain vindictive.

Perhaps the "international investors" should send them work to do for the extra 5 hours and deduct it from what Portugal owes?

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I take it you live in the north then?

Believe it or not I was watching RTP the other day (learning Portuguese, hopefully pending a move myself) and they were reporting the Washington Post article about the plummeting birth rate. Presumably they will need immigration on a megamungous scale to balance the books, although what everybody would do for jobs is a different matter entirely.

I live quite near Coimbra (which is an amazingly pretty city) and would recommend moving out here - as long as you can work remotely though as there is absolutely no work here at all. Houses aren't particularly cheap though, especially in the cities.

The people in general are really very nice, people wave at you in the streets, neighbours bring round food they've grown and generally people try to help each other out. I'd say to balance the books the government needs to stop spending so much and people would be able to make do as best they could.

Ronaldo is from Madeira and they are famous here for being arrogant.

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So if civil servants sit at their desks for an extra 5 hours a week, will they create any additional wealth for Portugal or will they merely be required to sit at their desks longer in return for their general unproductiveness? Seems to me this is just a mean gesture, designed to give the impression that the government is trying to do something, in the full knowledge that "international investors" are going to buy it. OTOH, it might just be that the "international investors" are just plain vindictive.

Almost certainly not, absolutely no idea what they do all day as it is. They would be far better off cutting the hours down 20% and paying people less instead.

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The measures were announced in order to keep the small debt-hit eurozone member eligible for another slice of its much-needed bailout.

After 3 years the Telegraph still haven't a clue which way is up.

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I live in Portugal - lovely country, but with its problems.

Too much waste in the public sector, for example our local mayor has 5-6 secretaries with very little to do (this is for a small town of around 10k people), but still have no time to help you with anything you ask as the bureucracy is unbelievable.

I doubt if the mayor sees that as a waste if you know what I mean..

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Lisboa Não É A Cidade Perfeita

Press the CC button to get English subtitles.

Edited by Dorkins

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http://www.guardian.co.uk/world/nils-pratley-on-finance/2013/jul/03/portugal-bond-yields-austerity-eurozone-crisis

Portugal's soaring bond yields spell end of line for austerity

Portugal bond yields are back to 7.5%, after briefly hitting 8%, as ministers resign and coalition government nears collapse

Crisis over.

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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