Tag Archives: 'troika'
Portugal’s government will fall, even if it limps on for a few days or weeks. The country is rushing towards the edge of the cliff and an abyss. The main members of the Government have chucked all the hard-fought successes of the last two years into the rubbish bin at the cost of the people’s suffering.
Tuesday, 2 July: “Maintain the same firm and constant path” is the advice from European Commissioner for Economic Affairs, Olli Rehn to new Portuguese finance minister, Maria Luís Albuquerque who takes over from Vítor Gaspar after his resignation on Monday.
“I’ve heard nothing. We’re not even expecting a visit from the ‘troika’”, the minister Poiares Maduro said to reporters in Macedo de Cavaleiros, where he was met with angry protests
In the aftermath of the general strike, unions speak of a strong participation, but the government claims the country did not stop. The attempt to cut off one of the main access roads to the 25 April bridge in Lisbon was the incident that marked the day. Passengers at Lisbon Airport are still feeling the effects of the strike.
Austerity seems to have left Portugal worse off than it was before seeking out a bailout in 2011, despite the country’s successful return to the bond markets.
The government will continue to issue T-bills “in the usual form” to guarantee that the conditions to return to the markets in the post-troika period are met. On the way to meeting the budgetary targets, the government released data that show an increase in tax receipts in May.
Officials from the international troika were back in Lisbon on Monday on what is being termed an interim mission, but their work plan is still unknown.
Wednesday, 12 June: “Diário Económico” reports that the amending budget has increased funding for the Lisbon Metro, Porto Metro and Refer train company, by around €1bn. However, the financial authorities admit that most of this money will go towards paying back speculative swap contracts which recently came to light.
After a meeting with British Labour leader Ed Miliband, the secretary general of the Portuguese Socialist Party said it was not enough for the IMF to admit its mistakes, it also needed “to act”.
Wednesday, 5 June: Daily newspaper “i” found that almost half of the Portuguese want the current coalition government in power until 2015 to comply with the mandate, but without Minister of Finance Vítor Gaspar.