Jump to content
House Price Crash Forum
Sign in to follow this  
1929crash

Portugal Laments Eu Membership On 40Th Anniversary Of Anti-Fascist Coup

Recommended Posts

Protests over EU-imposed austerity have overshadowed the 40th anniversary of democracy in Portugal.

Several thousand people marched in central Lisbon and listened to speeches criticising government cuts.

Participating in the protest marches were some of the leaders of the 1974 Carnation Revolution, which ended almost five decades of dictatorship.

Portugal has had to implement severe austerity measures since being granted an international bailout in 2011.

Boycott

Influential figures who took part in the 1974 revolution - in which junior officers overthrew the government - boycotted the official anniversary for the third year in a row.

Government-organised celebrations also took place a short distance away from the protests.

Vasco Lourenco, one of the coup leaders, criticised Portugal's current right-of-centre government and questioned whether Portugal should remain in the EU at all.

Otelo Saraiva de Carvalho, another officer who helped organise the coup, said austerity was "the death warrant of the hopes and values" of the revolution).

http://www.bbc.co.uk/news/world-europe-27166719

Share this post


Link to post
Share on other sites

Officials paid tribute to the coup and said austerity would soon come to an end.

"By happy coincidence, we commemorate this symbolic day at practically the same time that we end our economic aid programme," said Prime Minister Pedro Passos Coelho.

The three-year bailout programme will end on 17 May. In May 2011 the nation received more than 78bn euros ($102bn; £67bn) in emergency aid.

78 billion euros given in aid and austerity is ending - so it might have helped in easing Portugal's austerity but as a result someone else got or is going to get some austerity as well.

It won't be the bankers of course.

Edited by billybong

Share this post


Link to post
Share on other sites

78 billion euros given in aid and austerity is ending - so it might have helped in easing Portugal's austerity but as a result someone else got or is going to get some austerity as well.

It won't be the bankers of course.

The bailouts are probably just being made to roll over existing debts,as in Greece.

You are correct about the bankers, of course.

Share this post


Link to post
Share on other sites

The bailouts are probably just being made to roll over existing debts,as in Greece.

You are correct about the bankers, of course.

Ah they'll come from thin air - nobody suffers thank goodness.

Share this post


Link to post
Share on other sites

78 billion euros given in aid and austerity is ending - so it might have helped in easing Portugal's austerity but as a result someone else got or is going to get some austerity as well.

It won't be the bankers of course.

It's done absolutely nothing for portugal, nor have the other so called bailouts done anything positive for the other PIIGS nations.

What has happened is that the germans have forced the PIIGS to crush their own internal economies to drive down demand, the side product being vastly reduced living standards for their citizens. This has resulted in the PIIGS nations running trade surpluses against other nations. Our current large trade deficit is a symptom of that.

Note that this is exactly what the germans did to the PIIGS in the first place. Held down / lowered german workers wages to reduce internal demand, and ran a large trade surplus that resulted in the implosion of their trade partners economies, when those nations could no longer take on more debt.

If the end result of that was the implosion of the PIIGS, then how is it going to be any different with the PIIGS themselves now being forced to do the same thing to other nations?? The answer is it isn't.

The problem for the UK is we have only 3 options with respect to what we do in reply, and 2 of those 3 are impossible to implement -

1)We could crush our own internal economy - this is politcally impossible. It only occurred in the PIIGS because it was imposed from outside via the troika.

2)We could put in place trade tariffs. Although WTO treaties allow us to do this to nations we run large trade deficits against, it is diplomatically impossible for us to do this to fellow EU nations.

3)Inflate our own economy so we take on more debt and absorb the trade surplus of the PIIGS and germany.

We are doing 3). However, it will cause our economy to blow up just as it did the PIIGS's economies.

What should have happened is that germany should have inflated it's internal economy by pushing for significantly higher wages for it's workers. The PIIGS would then have run a trade surplus against the nation to which they owed their debts. That would have allowed those debts to be paid off over time, and for economic balance to be restored.

Instead the imbalances are worse than ever due to german arrogance and stupidity. When the economic cycle turns again, we and the rest of europe are in for a lot more pain because of it.

Edited by alexw

Share this post


Link to post
Share on other sites
Instead the imbalances are worse than ever due to german arrogance and stupidity. When the economic cycle turns again, we and the rest of europe are in for a lot more pain because of it.

They have form when it comes to dropping Europe in the shite.

I still see german officials advocating that the whole EU should emulate their model of low consumption/high export- as if a market place really could consist almost entirely of people selling things while almost no one is buying.

Share this post


Link to post
Share on other sites

Shame that there weren't more comments on this thread - espcially from the pro-EU crowd, and from those posters who think Ukraine has a bright future ahead in this union spawned by Satan himself.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   206 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.