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Contagion hits Portugal as Ireland dithers on rescue
Contagion hits Portugal as Ireland dithers on rescue - Telegraph
"The situation in the markets has been very negative due to the lack of a final decision by Ireland. It is up to Ireland to take that decision, and I hope it does," he said.
The outburst reflected suspicion at the European Central Bank that Dublin is holding the eurozone to ransom, allowing the crisis to fester until it extracts a pledge from EU officials that it will not suffer a loss of economic sovereignty or be forced to give up its 12.5pc corporate tax rate under any deal
Eireann go Brach!
There is talk of a right wing swing in Eire, One that will look something like our Tea Party. This is Good for Ireland, it will be a hard road, but the right road.
Portugal's budget deficit and public debt are higher than those reported by the government, which is trying to regain investor confidence amid a debt crisis, the leader the main opposition party said on Saturday.
Pedro Passos Coelho told a meeting of his Social Democratic Party items like state-run companies' debts were not included in the overall public debt, which the government puts at 82 percent of gross domestic product this year.
He said that the "true" total public debt stood as high as 112 percent of GDP, while the budget deficit should be at 9.5 percent of GDP, far above the minority Socialist government's target of 7.3 percent for the end of the year.
Source: Reuters
I wonder how long it will be before the eurocrats realize they are just replacing a sudden collapse with a slow-motion collapse.
So now the anti-Euro crowd is changing the way you count national debt? Hope they apply the same changes to say the US economy... doubt it though.
So the US right wing is talking about it.. does not mean it will even remotely happen.
Your economy sucks over there, and you know it. Stop the charade.
Well, let's hope not!!!
Fiscal responsibility and balanced budgets are just too much of a hardship for people.
Not really. Most European economies pre crisis were near balance or in surplus,.... something the US has not seen for decades. Heck Spain had surplus on its finances the last decade plus, even with 10% unemployment.
And fiscal responsibility has never been a right wing thing, especially the Yankee version.
the gain in Spain is plainly on the wane.
I see.. and yours is all roses and peachy right?
I see.. and yours is all roses and peachy right?
No, thanks to people like you.
So you believe the words of a speculator who will make a ton of money on the misery of others? How very right wing of you..
You do know that Spain has less debt than the US and UK? You do know that Spain has a less deficit than the UK and US right? Only problem Spain has is high unemployment, but it is not the first time.
OH? So who was it that pushed through the deregulation that made it possible? Who was in power for 10 years but did nothing? Oh yea.. people like YOU.
That's not what did it, it was a law modification during the 1990's. But you wouldn't know anything about that.
You do know that you're going down?
The major difference between the Unites States and Europe is that the American people are willing to tackle the problem of government spending head on, as the Tea Party demonstrates, while there is only inertia in Europe.The Europeans feel powerless because the power has been largely shifted from their hands to Brussels. The American people still have the power to turn things around, and it is expected that they will.
Of course if they continue along the same route with BHO they're as screwed as the Europeans. The Europeans need to get their countries back, just as Americans must do with their State Rights. People must be close to their governments.
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