"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 8 hours The Biggest Winners Of Q2 Earnings Season
  • 1 day Experts Suggest A Gold Shortage May Be Looming
  • 2 days The World Is Drowning In $247 Trillion Debt
  • 2 days Tightening Immigration Policy Could Hurt The Tech Sector
  • 2 days The First Bitcoin ETF Might Be Just Months Away
  • 2 days U.S. Rent Costs Hit All-Time High
  • 3 days European Allies Plan To Continue Trade With Iran
  • 3 days Bitcoin Bounces Off Key Resistance Level
  • 3 days These 3 Industries Are Immune To The Trade War
  • 3 days Is This The Answer To The Looming U.S. Healthcare Crisis?
  • 3 days UK Regulators Hit Facebook With £500,000 Fine
  • 3 days Tesla’s U.S. Tax Credit Coming To An End
  • 3 days Ex-Goldman Banker Caught In A Billion Dollar Fraud Scandal
  • 4 days Investors React To Escalating Trade War Drama
  • 4 days The Three Horsemen Of The Bitcoin Apocalypse
  • 4 days 10 Countries Feeling The Heat As The Trade War Escalates
  • 4 days The Exorbitant Cost Of Getting Ahead In Life
  • 4 days $1,000 Investment Bible Leaked For $10
  • 4 days The U.S.-Chinese Race To End All Privacy
  • 4 days Gold And Silver Struggle As Sentiment Shifts
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

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