» The Bankers’ Next Meal: Portugal Alex Jones' Infowars: There's a war on for your mind!: Portugal, by general consensus, is next in line. It hasn’t blatantly lied about its problems the way Greece has. And it hasn’t accumulated quite as much debt as Greece, though at 105% of GDP its government is still deep in the danger zone.
But it doesn’t export much and runs truly massive trade deficits. In order to pay down its debt it will need to generate trade surpluses going forward, but without the ability to devalue its currency to make exports cheaper, there’s no way to accomplish this.
So as with Greece, austerity leads to depression:
Bailed-out Portugal’s recession seen worsening
(AP) LISBON, Portugal — Portugal’s recession will deepen this year under the weight of austerity measures meant to reduce public debt, the bailed-out country’s central bank predicted Tuesday.
No comments:
Post a Comment