Portugal Debt

Posted by jacob on September 5, 2013 under news | Comments are off for this article

To all this we must add the exacerbation of the plight in the media international countries like Greece, Ireland, Portugal and Spain, among others, by a movement orchestrated by global financial agents and that translates into the undervaluing of the agencies rating, private, public debt that were resorting to finance some buffer performances of the crisis. Thus, any space of autonomy of the Governments policy and its condition is cut root democratic. Governments that previously had margin when it had its own currency and now not can not devalue. The balance of payments deficit, the imbalance of public accounts, and the impossibility of acting with the slightest independence in terms of economic policy, and the blackmail of not being able to leave the euro given the risk of isolation, the resignation of the EU to exercise regulatory policy that deserves such name in matters fiscal, labour and financial or even conclusion to issue joint public debt based on the solidarity of different European Statesthey lead to a disciplined aborregamiento of the national political agenda. In this case those agents of transnational financial capital subjected, and Governments capitulate, requiring a program of neoliberal austerity in public accounts historically formidable dimensions, as well as labour reforms, collective bargaining and salary review models, and the pension system, to ensure that returns and interest rates on the debt securities public that they buy are as loose as possible. With this situation, it is clear that the European Union is not more than a non-operating institutional housing at the political level to put corset to speculative abuses of the global financial markets and its own logic and that, ultimately, democracy, which was already low intensity, fades fully, making productivity mere Governments of neoliberal policies that dictate them societies investment and large multinational companies. Spain has bled saving the main cause of the crisis, and now with a tremendous fiscal crisis, is to be financed by issuing public debt.

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