• 657 days Will The ECB Continue To Hike Rates?
  • 658 days Forbes: Aramco Remains Largest Company In The Middle East
  • 659 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,059 days Could Crypto Overtake Traditional Investment?
  • 1,064 days Americans Still Quitting Jobs At Record Pace
  • 1,066 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,069 days Is The Dollar Too Strong?
  • 1,069 days Big Tech Disappoints Investors on Earnings Calls
  • 1,070 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,072 days China Is Quietly Trying To Distance Itself From Russia
  • 1,072 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,076 days Crypto Investors Won Big In 2021
  • 1,076 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,077 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,079 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,080 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,083 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,084 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,084 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,086 days Are NFTs About To Take Over Gaming?
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Ian Campbell

Ian Campbell

Through his www.BusinessTransitionSimplified.com website and his Business Transition & Valuation Review newsletter Ian R. Campbell shares his perspectives on business transition, business valuation and world…

Contact Author

  1. Home
  2. Markets
  3. Other

Portuguese Protests Against Austerity

Portugal in 2011 was, measured by GDP, the 10th largest Eurozone economy (of 17 countries), and the 42nd largest economy in the world. Portugal's population is about 10.5 million.

It is reported that on Saturday, September 15, over one million Portuguese (about 10% of the population, something to think about) participated in protests over government actions that would see social contributions by workers rise by about 63%, and by companies fall by about 28%.

A meeting of Portugal's State Council is scheduled for today in an effort to diffuse what is said to be a potential political crisis.

Life in the end isn't complicated. Take things away from people that they have enjoyed, they become unhappy. Take enough things away from people, they become angry. If enough people become angry enough, look out below.

The old saying 'you can't get blood from a stone' seems relevant in the context of some countries simply running out of money, and not just Portugal. Watch to see what further develops in Portugal by way of social unrest, if for no reason other than as a proxy on what may happen in other countries where populaces are forced to cut back on their living standards.

Topical Reference: Portugal in crisis after 1 million say No to austerity, from EUObserver, Valentina Pop, September 20, 2012 - reading time 2 minutes.

 

Back to homepage

Leave a comment

Leave a comment