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IMF Gives Portugal Storm Warning - Recession 2011 Here We Go Again

 
Anonymous Coward
User ID: 1122931
Portugal
10/07/2010 07:59 PM
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IMF Gives Portugal Storm Warning - Recession 2011 Here We Go Again
"Portugal headed for a perfect economic storm," headlines i, reporting on the exceptionally bleak outlook for the country’s economy."

[link to www.presseurop.eu]



So here is the result of the austerity measures the IMF and Brussels have been demanding: another deep recession. We are back to 2008 again. The article mentions -1.4% but it will be much worse. Some measures weren't already taken. Probably 2% or more.

I also heard today in the news some guys speculating about Greece's default pretty soon, and how Portugal will be attacked again after that happens. Just to say we're toasted.

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Anonymous Coward (OP)
User ID: 1122931
Portugal
10/07/2010 08:11 PM
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Re: IMF Gives Portugal Storm Warning - Recession 2011 Here We Go Again
And here come the first reactions. Not too long till this turns into a new Greece.


Portugal to Face First Joint General Strike in 22 Years Over Wages, Taxes

"Portuguese Prime Minister Jose Socrates will face the country’s first joint general strike in 22 years as the two biggest labor organizations prepare to protest against the government’s austerity measures.

Jorg Decressin, head of the International Monetary Fund’s world economic studies division, on Oct. 6 said that GDP may contract 1.4 percent next year because of the fiscal tightening. The IMF had forecast stagnation in 2011 before the announcement of the additional measures."

[link to www.bloomberg.com]



This is said to be the greatest manifestation ever here. I hope it doesn't end in riots like in Athens.

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