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OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Is Portugal the Next Iceland? President May Challenge the Constitutionality of Austerity

Is Portugal the Next Iceland? President May Challenge the Constitutionality of Austerity

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PurpleSkyz

PurpleSkyz
Admin
Is Portugal the Next Iceland? President May Challenge the Constitutionality of Austerity


Posted by admin on January 3, 2013 in 2013, World Events · 0 Comments

HJ: 2013 has just begun and already the news
stories are becoming very, very interesting. Are we witnessing the
beginning of the sea change? We have been told that this is what will
now be unfolding. Furthermore, those who are energetically sensitive
can feel the ongoing shift in consciousness at their core. There is a
slight lag as this internal shift manifests in the outwards physical
reality. Despite the post-Ascension backlash from many who claim nothing
happened or is happening, I believe we are beginning to see the changes
that were spoken about. Sure, they may be moving at a much slower pace
than many are confortable with, but nonetheless they are happening.
That is the timeline which I am energizing and so it is.


Portugal has recently been quite the human rights vanguard,
recently decriminalizing all drugs. Now, likely taking cues from
Iceland, major political figures are beginning to challenge the status
quo that is the EU-IMF-Troika axis. Portugal definitely has more clout
and economic influence than Iceland. If they do end up following
through and defeating the axis, it’s anyones guess as to what could
happen next, although it is likely that the move may spread like
wildfire across Europe, which is something we can only hope and wait
patiently for. That, my friends, would indeed be a most historic moment
and surely a major sign heralding massive impending changes.


- Truth

Portugal Warns EU-IMF Troika to Back Off on Austerity Demands

By Ambrose Evans-Pritchard | The Telegraph



Portugal’s president has ordered a legal inquiry into the country’s
austerity policies and threatened a showdown with creditors over the
draconian terms of its EU-IMF bail-out.

President Anibal Cavaco Silva called for urgent action to halt the
“recessionary spiral”, warning Europe’s leaders that the current course
had become “socially unsustainable”.

In a speech to the nation, he said Portugal would “honour its
international obligations”, but in the same breath called for a tough
line with the European Union-International Monetary Fund Troika over the
pace of fiscal tightening under Portugal’s €78bn (£63bn) loan package.
“We have arguments, and we should use them firmly,” he said.

“Fiscal austerity is leading to declining output and lower tax
revenue. We must stop this vicious circle,” he said, cautioning the
Troika that there would be no way out of the crisis until policy was set
in the interests of the “Portuguese people” as well as foreign
creditors.



His sombre speech was a reminder that Europe’s crisis is far from over.

Portugal’s jobless rate has risen from 13.7pc to 16.3pc over the past
year, reaching 39pc for youth, even before the full impact of austerity
hits.

In a stinging rebuke to the country’s free market premier, Pedro
Passos Coelho, the president asked the constitutional court to rule on
the legality of tax rises that come into force this January as well as
on further moves to dismantle the welfare state in the 2013 budget.

“There are well-founded doubts over whether the distribution of
sacrifice is just,” he said. Mr Cavaco Silva’s broadside against
ministers from his own centre-right Social Democrat party leaves the
government starkly isolated, and increasingly in danger of losing its
authority.

Popular anger is building over the over the Troika’s fiscal shock
therapy, which will push up average income tax rates by 3.4 percentage
points and bring in a plethora of surcharges and fees. It aims to cut
the budget deficit to 4.5pc this year, largely through tax rises.

Markets have so far brushed off worries that the country risks a
Grecian vortex as austerity bites in earnest. Yields on 10-year
Portuguese bonds plummeted 30 basis points to 6.76pc on Wednesday as
relief over America’s budget deal fuelled optimism across the world.



Read the rest of the article here: Telegraph.co.uk

Thanks to: http://www.thehealersjournal.com



  

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