Thursday, June 9, 2011

Portuguese Want It In the Pooper

I have heard some people like it, although it is hard to imagine why.

"Portugal’s Social Democrats win election" by Associated Press / June 6, 2011

LISBON— Portugal’s Social Democrats unseated the Socialist government in an emphatic election victory yesterday, giving the center-right party a strong mandate to enact a grinding austerity program amid a $114 billion bailout expected to pitch the country into deep recession....

The Social Democrats had asked for an emphatic endorsement at the ballot box that would give them a strong mandate to enact unpopular fiscal measures and introduce longer-term economic reforms such as making it easier to hire and fire workers, a proposal parties on the left have balked at.  

The Portuguese people really voted for this?

However, the result would leave the Social Democrats just shy of an absolute majority in the Parliament, where it will need approval for its policies....

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"Debt woes await Portugal’s new leaders" June 07, 2011|Associated Press

LISBON — Portugal’s center-right Social Democrats had little time to savor their return to power yesterday, launching immediately into getting a ruinous debt burden under control despite a shrinking economy....

Any delays or hesitation could jeopardize the $114 billion international bailout program agreed to under the Socialist government that saved Portugal from bankruptcy and complicate European efforts to stanch the continent’s debt troubles.

The strong win offered encouragement, however, for Passos Coelho’s ambition to set Portugal on the road to recovery. Despite upcoming further tax hikes, public-sector pay freezes, and pension and welfare cuts, almost 80 percent of voters supported one of the three parties that have backed the bailout conditions.... 

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Related: Poor Portugal Preyed Upon by IMF

Looks like they caught 'em.