Posts Tagged ‘Portugal’

Football: Catching up with Portugal

by Mark Perryman.

50 years ago England beat Portugal in the ’66 World Cup but Mark Perryman argues English decline has left England racing to keep up with their Euro rivals Thursday night’s pre-Euro England friendly versus Portugal is bound to provoke a 50th anniversary revisiting of England’s best match of the ’66 World Cup. No, not the much feted […]

WANTED: Unity against austerity

by Miguel Costa Matos.

The spectre of austerity haunts Europe. It poses no doubt an existential, as well as an economic, political and social threat. The take-up across the continent of impoverishment as an economic policy became a recipe for failure, as much of the trade these countries did between each other broke down. The seams of society are […]

Portuguese Socialist Seguro should learn from Bersani’s mistakes

by Miguel Costa Matos.

Crisis is palpable in Portugal. In an article on one of Portugal’s most widely read newspapers, former President Mário Soares, one of the most respected political figures in Portugal, said that the government was ‘neither legitimate nor democratic’, publicly urging it to resign. This follows after an estimated 1.5 million people across the country took […]

Central bankers are taking over the EU

by Michael Meacher.

Though little remarked on, there is a very striking difference between the ruthless approach adopted by the European Central Bank (ECB) to indebted sovereign States compared to its treatment of banks. When Portuguese banks declared they would not any longer purchase bonds if Lisbon did not seek a bailout, the Prime Minister was forced to […]

Portugal: Optimistic PM ‘on another planet’

by Tom Gill.

Portugal’s prime minister is ‘living on another planet’ unions said this week after Carlos Passos Coelho predicted that investment in the crisis-hit economy would bounce back next year. The right-wing premier’s upbeat assessment of the country’s prospects came after fresh data showed unemployment has hit a record 15% in the second quarter, and the country’s […]

Another credit crunch looms

by Ann Pettifor.

The finance sector is signalling alarm, and our politicians are once again asleep at the wheel. Another “credit crunch” may be looming. The most significant evidence emerged from the ECB’s second Long Term Refinancing Operation (LTRO) on Thursday last week. The LTRO is simply language intended to disguise the “printing of money” by the ECB […]

The odds for the euro are shortening in 2012

by Michael Meacher.

The take-up by the eurozone banks of €489bn from the European Central Bank (ECB) ought to be good news as a sign that the ECB is now at last, having refused to do so in 2011, ensuring eurozone banks can fund themselves adequately next year. The ECB believes they will need €720bn of loans in […]

The relation of profits and ‘austerity’

by Michael Burke.

In what may be an important development the Financial Times reports that, in return for accepting much larger ‘haircuts’ (imposed losses on the value of the bonds they own) bondholders are demanding that there must be a growth strategy for Greece. In a piece headlined ‘Bondholders Demand Greek Growth Plan’ the paper quotes the Managing Director and chief […]

Labour must oppose the Greek “bail-out” and support the dismantling of the Euro

by Jon Lansman.

Opinion within Labour appears to be moving on the Greek “bail-out”. First, Ed Balls contemplates working with eurosceptic Tory MPs to oppose the use of British cash to fund the bail-out. Not quite principled opposition to the bail-out itself, and not surprising therefore that he was accused of opportunism. Then this week Jack Straw, always […]

It’s Political Union or Eurozone breakup. There’s no middle way

by Michael Meacher.

For the third time in a row – Greece, Ireland and now Portugal – the continuing Eurozone crisis is being handled badly. A Portuguese bail-out will shortly be arranged among the EU countries, but in practice dominated by the conditions laid down by the most powerful country, Germany. This may seem reasonable given that Germany […]

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