{"id":32217,"date":"2016-01-07T22:58:35","date_gmt":"2016-01-07T21:58:35","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=32217"},"modified":"2016-01-07T23:06:34","modified_gmt":"2016-01-07T22:06:34","slug":"32217","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/32217\/","title":{"rendered":"Is Portugal the New Greece?"},"content":{"rendered":"

Is Portugall the new Greece?<\/p>\n

F Willliam Engdah writes: \u00a0The illusion that all is well in the Euroland following the brutal Greek austerity agreement this summer is soon to be rudely disrupted by a new Eurozone crisis, this in what was hailed as the IMF and ECB \u201csuccess story\u201d\u2013Portugal. Very soon, perhaps in a matter of weeks, it will become clear again, as in Greece, or in Germany in 1931, that austerity, spending cuts and tax increases are not a way out of a national economic crisis.<\/p>\n

The October 4 national parliament elections have blown the pretty facade off of a game of statistical manipulation, financial tricks and outright fraud that allowed a conservative free market government to claim success in ending Portugal\u2019s severe economic crisis.<\/p>\n

The government of Prime Minister Passos Coelho, a free market neo-liberal, lost the majority. His right-wing\u00a0Social Democratic Party<\/span>\u00a0(PSD)<\/span>\u00a0won the most votes of any party, but his austerity coalition lost their majority, winning only 38.5% of the vote. Almost two-third, 62% of all voters voted for one of the anti-austerity parties of the left socialist coalition. Coehlo has been in power since June 2011 when the Euro crisis caused panic exit of high-debt Eurozone countries by international investors.<\/p>\n

The decisive campaign issue this time was the severe austerity Coehlo\u2019s coalition had followed since 2011. Calling for easing of austerity and even a rethink of Portugal\u2019s relation to the Euro, much as in Greece last January when Alexei Tsipras and his leftist anti-austerity propelled Syriza into power. \u00a0Is Portugal the New Greece<\/strong><\/a><\/p>\n

\"Portugal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Is Portugall the new Greece? F Willliam Engdah writes: \u00a0The illusion that all is well in the Euroland following the brutal Greek austerity agreement this summer is soon to be rudely disrupted by a new Eurozone crisis, this in what … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13,110],"tags":[],"class_list":["post-32217","post","type-post","status-publish","format-standard","hentry","category-finance","category-globalization"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t