Lame Portugal warns EU-IMF troika to back off on austerity demands

Portugal's president has ordered a legal inquiry into the country’s austerity policies and threatened a showdown with creditors over the draconian terms of its EU-IMF bail-out.

Lame Portugal warns EU-IMF troika to back off on austerity demands Portugal2441335bp

President Anibal Cavaco Silva called for urgent action to halt the “recessionary spiral”, warning Europe’s leaders that the current course had become “socially unsustainable”.

In a speech to the nation, he said Portugal would “honour its international obligations”, but in the same breath called for a tough line with the European Union-International Monetary Fund Troika over the pace of fiscal tightening under Portugal’s €78bn (£63bn) loan package. “We have arguments, and we should use them firmly,” he said.

“Fiscal austerity is leading to declining output and lower tax revenue. We must stop this vicious circle,” he said, cautioning the Troika that there would be no way out of the crisis until policy was set in the interests of the “Portuguese people” as well as foreign creditors.

http://www.telegraph.co.uk/finance/financialcrisis/9776701/Portugal-warns-EU-IMF-troika-to-back-off-on-austerity-demands.html

_________________
Anarcho-Capitalist, AnCaps Forum, Ancapolis, OZschwitz Contraband
“The state calls its own violence law, but that of the individual, crime.”-- Max Stirner
"Remember: Evil exists because good men don't kill the government officials committing it." -- Kurt Hofmann

Lame Portugal warns EU-IMF troika to back off on austerity demands

Lame Portugal warns EU-IMF troika to back off on austerity demands

Anarcho-Capitalist Categorical Imperatives

AnCaps' Laissez-faire Free Trade Zone