Tuesday, February 26, 2013

The Portuguese Resistance Requires A Renegotiation Of The Support Plan

When the country's creditors to try another assessment of the financial status, the chief associated with the Portuguese Socialist Party, the major weight, talked Tuesday, February 26 in support of a of the bailout awarded in May 2011 Portugal.

"We need certainly to negotiate this terms of our recovery," said Antonio Jose Seguro. "This means renegotiating our targets, this means additional time to cover our debt and a deadline for the payment of interest," he added. Austerity is longer recognized by "the country no. We attained the limit."

The Socialist Party, in if the demand for international assistance has been built power, has long advocated for more hours for Portugal to restate its finances. He criticized the prime minister's center-right, Pedro Passos Coelho, a policy focused primarily upon monetary rigor at the trouble of growth and employment. Srlon Mr. Seguro, "we need a technique to leave the crisis, predicated in economic growth coupled with economic discipline."


The claims by the mind of the PS came as the "troika" (EU-IMF-ECB), representing the creditors of Portugal, started its seventh program evaluation and demanding reforms applied in consideration of the support plan 78 million dollars, granted by the European Union and the International Monetary Fund.

The federal government could ask his backers aid its financial objectives after recognizing that austerity measures have contributed to worsen the particular recession and unemployment, on the occasion with this review. Economic activity has decreased 3.2% in 2012 while unemployment affects almost 17% of the personnel and 401(k) associated with young people under 25.

Financing Minister Vitor Gaspar, recently acknowledged that the economy is likely to contract by about two weeks this particular year, double its previous prediction, and hoped that the European Commission expands by one year the deadline to Portugal to "correct its extreme deficit."

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