Oh Nao! Portugal Simmers….


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    Viscount St. Albans

    Latest News:

    “Portugal’s economic crisis is closing in on Prime Minister Pedro Passos Coelho”……main opposition Socialist Party, meanwhile, withdrew its support from the government and announced that it will vote against the 2013 budget.”

    “hundreds of thousands of Portuguese vented their rage against the government’s austerity policies in dozens of cities………
    [Note that hundreds of thousands equates to very big turnout in a country with only ~ 10 million total population]

    “In a recent move, the government subjected the Portuguese to yet another wage cut by raising workers’ social security contributions from 11 to 18 percent of their salary……

    “unemployment has soared to a historic record of 15.7 percent. Only 55 percent of the unemployed receive some kind of financial assistance from the state…….


    Austerity bites harder in Portugal

    “The five days that radically soured the Portuguese mood began last week when Prime Minister Pedro Passos Coelho announced an increase in workers’ social security contributions to 18 percent of their monthly salary from 11 percent. The cut is equivalent to a net monthly wage.

    Then it was the finance minister’s turn to convey bad news.

    Income taxes will go up next year, Vitor Gaspar said. Public employees will lose either their Christmas or vacation bonus, each roughly equivalent to a month’s income, and many pensioners will lose both. More public employees will join the dole queue.


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