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Portugal’s woes

Just like Greece and Ireland before it, Portugal is now being hit by the same request to the European partner organisations, or countries as we might otherwise know them, for help in stabilising the country. In a country where the PM has already had to resign over austerity measures, and where VAT or IVA is at 22points, I would not be surprised if there were protests in the streets pretty soon.
I have a vested interest here, as some of you know, with a Portuguese office, based in the west of the country, and I too find it very difficult to continue to grow our revenues here with this business and fiscal degradation.
As with all cut backs, even those we see in the UK, there will always be some winners and many more losers, and in this country the cutbacks will undoubtedly lead to a lot more unemployment. Even the Eastern European countries that poured labour into Portugal are now retreating to the more relaxed and better paid Germany.
Oh and another by product of cut backs is that the red weevil that destroys palm trees of all types, get free rein to cause unprecedented destruction, since no money has been set aside to deal with it, and that is a bummer!

http://www.guardian.co.uk/business/2011/mar/29/portugal-bailout-possible-standard-poors-rating-cut

-Sean

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