Skip to comments.EU: Angela Merkel sticks to austerity script in Portugal as revolt builds
Posted on 11/12/2012 11:21:44 PM PST by bruinbirdman
German Chancellor Angela Merkel braved hostile crowds in Portugal on Monday to show unflinching support for the countrys austerity ordeal and plead for patience as social cohesion frays.
The flying visit came as trade unions led a protest march through Lisbon in defence of national sovereignty and the Left Bloc in parliament said its top priority is to bring down the government and forge a salvation front.
Swooping into Lisbon amid tight security, Mrs Merkel praised the courageous actions of free-market premier Pedro Passos Coelho and vowed do to everything possible to help the country through hard times. Yet she also insisted that there would be no renegotiation of the countrys 78bn (£62.5bn) EU-IMF Troika package or softer terms to alleviate the slump, saying austerity is the only way forward.
The tough love message comes as unemployment reaches 15.7pc, with 35pc among the young, and dole duration is slashed from nine months to four under Troika reforms.
Mr Passos Coelho has been able to count on a tacit support from opposition socialists but consensus broke down two months ago in a bitter clash over payroll levies.
Socialist leader António José Seguro said on Monday that Portugal is crumbling under the weight of debt service costs and cannot endure any further austerity. The Troika has warned of mounting political risk and austerity fatigue.
German officials have cited Portugal as a success story, proof that Europes strategy of deep budget cuts combined with labour reform is paying off.
The country has complied with Troika demands unlike Greece becoming the pin-up country for advocates of fiscal shock therapy. But this means that any failure indicts the EU policy.
Raoul Ruparel, from Open Europe, said Mrs Merkel needs good news to mollify her fractious coalition and to keep
(Excerpt) Read more at telegraph.co.uk ...
And the pressure continues to build.
pass the popcorn
civil war(s) can’t be far behind
Back in the EU
Back in the EU
Back in the EUSSR
Those great debts really knock me out
They kick the West’s behind
See Angela’s blubbery cellulite hanging out
That EU troika is always on my mi, mi mi, mind
We are going to Lisbon in a couple of weeks...CRAP!
Go to the Azores instead.
“social cohesion” -> “parasites”
Therefore, when it does fail, it won't be called "failure" - perhaps a "fiscal (as in wardrobe) malfunction".
What austerity are they talking about? Is she being forced to drink CA Chardonnay?