Difficult to appreciate how serious the crisis is in Portugal. Economic activity is grinding to a halt, increased taxation and regulation is destroying the business environment and other charges on the population (IVA, road tolls, rates, etc) which are designed to raise funds to keep the Troika happy, are actually killing the country off whilst impoverishing their people. This misery for the Portuguese cannot continue – civil unrest will surely follow and the euro is the cause of he problem. Go back to the escudo and save your nation! from telegraph: Portuguese borrowing costs soar as president summons leaders for crisis talks Political turmoil in Portugal rattled stock markets and pushed the country’s borrowing costs above danger levels on Wednesday, as the Portuguese president summoned party leaders for crisis talks after two key ministers resigned. Stocks in Lisbon fell 5.2pc after Paulo Portas, who leads the smaller People’s Party in the coalition government, quit on Tuesday over the appointment of a new pro-austerity finance minister. Mr Portas said Vitor Gaspar’s replacement, Maria Luis Albuquerque, would offer “mere continuity” of the country’s deficit-cutting plans. The yield on Portuguese ten year government bonds jumped 0.75 percentage points to 7.5pc, towards levels seen before its 2011 bail-out. The split over austerity also wiped £19bn off the value of Britain’s leading share index, the FTSE 100, which fell 1.2pc to 6,229.87, and triggered a sell-off in Italian and Spanish debt. telegraph.co.uk/finance/financialcrisis/10158254/Portuguese-borrowing-costs-soar-as-president-summons-leaders-for-crisis-talks.html
Posted on: Wed, 03 Jul 2013 20:49:42 +0000
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