It does look like a tipping point of some sort has been reached. Question is what tipping point is it?
I have long held the view that austerity was never the right word to define government policies already implemented or in the pipeline. The correct one would be adjustment made forceful on a country whose reliance on external finance became unbearable.
How could it not be whether in a single currency area or otherwise?
How could it not be whether in a single currency area or otherwise?
The sad thing is it all came to a head suddenly, starkly exposing how unsustainable the trajectory had become.
Of course there could and should be better tools from the EU/ECB to deal with the situation in as severe an economic downturn.
But the underlying issues - imbalances that built up over 15-20 years - had to be addressed sooner rather than later.
Of course there could and should be better tools from the EU/ECB to deal with the situation in as severe an economic downturn.
But the underlying issues - imbalances that built up over 15-20 years - had to be addressed sooner rather than later.
There has been a peaceful uprising in Portugal following the PM's latest announcement for the 2013 budget.
It is unlikely that the one measure now made the major bone of contention will get approved in its current form.
A compromise of some type will nevertheless have to be reached on ways to make Portugal's economy more competitive and better balanced between exports and internal consumption.
It is unlikely that the one measure now made the major bone of contention will get approved in its current form.
A compromise of some type will nevertheless have to be reached on ways to make Portugal's economy more competitive and better balanced between exports and internal consumption.
Quite a difficult balancing act but one that needs to take account of such simple concepts as take-home pay being sacred to any working person anywhere.
Especially when the government must first be seen to be digging into as yet no-go areas of deals struck with private companies in the past.
Tens of notoriously bad public-private partnership deals whose main financial burden falls to the State.
That means the taxpayer having to foot excessive bills over 30-40 years.
Especially when the government must first be seen to be digging into as yet no-go areas of deals struck with private companies in the past.
Tens of notoriously bad public-private partnership deals whose main financial burden falls to the State.
That means the taxpayer having to foot excessive bills over 30-40 years.
A spot-on observation on one of the most intractable problems in Portugal's electoral system. The obvious consequence being the downgrading of Democracy as you rightly point out.
Citizens in many countries hardly feel represented by the politicians they vote for even where direct elections are held. Let alone where they are clearly systemically misrepresented.
Democracies are indeed discredited to varying degrees because the main driver of all activity is found elsewhere not in Parliaments or governments anymore.
This would of course take us into a much wider argument on issues affecting political systems these days.
Citizens in many countries hardly feel represented by the politicians they vote for even where direct elections are held. Let alone where they are clearly systemically misrepresented.
Democracies are indeed discredited to varying degrees because the main driver of all activity is found elsewhere not in Parliaments or governments anymore.
This would of course take us into a much wider argument on issues affecting political systems these days.
But yes I would agree the Portuguese electoral system is one such critical issue. I'm not sure it is the crux of the problem.
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