Portugal's PM calls on EU for bailout

[Dimmu]

Portugal (http://www.guardian.co.uk/world/portugal) has joined Greece and Ireland on the casualty list of Europe (http://www.guardian.co.uk/world/europe-news)'s sovereign debtors after its prime minister, José Sócrates, requested a European Union (http://www.guardian.co.uk/world/eu) bailout.The dramatic decision came in the middle of a political crisis that has left the country in limbo and with spiralling interest rates on its debt."I want to inform the Portuguese that the government decided today to ask ... for financial help, to ensure financing for our country, for our financial system and for our economy," Sócrates said in a televised address. "This is an especially grave moment for our country," he added. "Things will only get worse if nothing's done."Sócrates said that the bailout, which analysts said could be between €70bn (£61bn) and €80bn was "the last resort".The move was immediately welcomed in Brussels. "This is a responsible move by the Portuguese government for the sake of economic stability in the country and in Europe," the European commission's economic and monetary affairs commissioner, Olli Rehn, told Reuters.






http://www.guardian.co.uk/world/2011/apr/07/portugal-eu-bailout

[alphshuffel]

Now there pimped up problems with the ex-ruling party's head.

[Triple A]

Capitalism claims one more victim.

[BIG BROTHER]

I'm assuming all this bailouts must come with demands to Re-structure the government using a Neo-Liberal government, the same way the IMF and the World Bank does in Latin America?

[Dimmu]

Capitalism claims one more victim.


People will still claim that capitalism is the way to go while communism "failed".

[DDR]

I'm assuming all this bailouts must come with demands to Re-structure the government using a Neo-Liberal government, the same way the IMF and the World Bank does in Latin America?

Yes, the ECB and the IMF had said that if they want the money they have to make an effort (AKA destroy the well-fare state, muajajajajaja!)

[ckaihatsu]

People will still claim that capitalism is the way to go while communism "failed".


I practically *delight* in pointing out that Wall Street had to come hat-in-hand to the public treasury to get its balance sheets fixed in 2008 -- that basically destroys any remaining credibility it may have still had in the public perception. We need a new term, something that's synonymous with 'receivership for the private sector'.

[chegitz guevara]

And the European Bank raised rates at the same time.

[ckaihatsu]

Okay, that's it -- I'm calling this one.... It's a kind of de facto global Stalinist imperialist neo-colonialism, for lack of a better term. The whole civilization project is dubious at best at this point, so for lack of any real growth let's just re-focus on what *really* matters. Okay, aaaaaaand *break*!