Financial Crisis in Portugal

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posted on Apr, 18 2014 @ 03:01 PM
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Greetings ATSers!
As some of you know, Portugal has been on a road full of holes since 2010 officially, although for me and my family it started prior to the 2008 financial crisis, exactly after José Socrates was elected as prime minister (2006), my mother was fired and since then has been unable to find a permanent place to work jumping between jobs but in the current days it's become impossible for a woman of her age to find a decent job, but in the same situation as I and my family are now, are also 100's of thousands of other portuguese.

So basically, the causes for this Finacial Crisis were:
-Poorly though out investments
-Mismanagement of funds since the carnation revolution some 40 years ago
-Corruption and Fraud
-Overexpenditure
-Portuguese Banks accumulated losses for years

In 2011 we declared bankrupcy and requested the help of the IMF, a bailout was issued and 3 years later, after loads of cuts and reforms we are now reaching the post-troika.
Supposedly, we are doing well so far, we've seen some minor growth, and we're told we will see some more in the coming years, but we are also being told we will only fully recover when we get to the 2030's, our debt is 130% of our GDP.
I'm left wondering, how are we supposed to pay this debt, and still grow? I'd like the opinion of all the ATSers that might be interested in this subject, when it comes to economics or finances, I know nothing, but I'm really worried about my country, because what happens to my country affects me and everyone that lives in it.
Can anyone predict how we're going to do in the future, have any of you studied this Crisis we're going through and can give a more detailed insight to it?

Thank you and cheers




posted on Apr, 18 2014 @ 03:21 PM
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originally posted by: WhiteWine
our debt is 130% of our GDP.
I'm left wondering, how are we supposed to pay this debt, and still grow?


you can't and you won't, instead you'll hand over all natural resources and any riches you have to the corpo-bankster world.

(portugal is not alone in this, just ahead in the schedule)



posted on Apr, 18 2014 @ 03:38 PM
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originally posted by: anHairInTheSoup

originally posted by: WhiteWine
our debt is 130% of our GDP.
I'm left wondering, how are we supposed to pay this debt, and still grow?


you can't and you won't, instead you'll hand over all natural resources and any riches you have to the corpo-bankster world.

(portugal is not alone in this, just ahead in the schedule)

That is terrifying.. our country is not exactly known for it's natural resources or riches.. what are we giving them? Wine?



posted on Apr, 18 2014 @ 03:42 PM
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a reply to: WhiteWine


what are we giving them? Wine?

Souls



posted on Apr, 18 2014 @ 03:51 PM
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a reply to: WhiteWine

We are told this is your country but that is not true, its where you were born but.... Is it yours? no! one lie after another. There are those who control and those who are controlled, its always been that way. Doesn't make it right of course but that's the way it is. My advice to your family, is don't look at the future but rather work with being happy in the present. Only you can know how to do that. The less material you need the better you will feel, this is what makes us more independent. An old Chinese Taoist once said I would rather wag my tail in the mud than work for you in your corrupt system. Slowly but surely, its our best goal. Some will take longer to realize as they still are caught daydreaming in the American dream. Cut through the lies and don't be fooled. Best wishes to you.



posted on Apr, 18 2014 @ 04:42 PM
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originally posted by: ancientthunder
a reply to: WhiteWine

We are told this is your country but that is not true, its where you were born but.... Is it yours? no! one lie after another. There are those who control and those who are controlled, its always been that way. Doesn't make it right of course but that's the way it is. My advice to your family, is don't look at the future but rather work with being happy in the present. Only you can know how to do that. The less material you need the better you will feel, this is what makes us more independent. An old Chinese Taoist once said I would rather wag my tail in the mud than work for you in your corrupt system. Slowly but surely, its our best goal. Some will take longer to realize as they still are caught daydreaming in the American dream. Cut through the lies and don't be fooled. Best wishes to you.


I know it's not my country, oh how I wish the country belonged to it's people, every single person that lives in it. I know it belongs to a minority, probably not even portuguese. My problem is, I consider it my country because I live in it, and I'm going to be here for a long time, not like I don't have a different country to live in, thankfully my father lives in Sweden and has plenty to provide, yet I can't imagine living in Sweden, it's not for me, the weather, the long nights, that just gets me depressed.
I want to stay here, I wanted to start something here, I'm 18 and the my plans for the future (professionally) as the country stands, won't be nothing but dreams. That's why I'm so concerned about the future, personally, I live the present but I'm more interested in the future because as of now, some things are not interesting at all. I love Portugal but the youth here is really really lost, including myself. I didn't want to wait 20 years to start a family because that's the only time I'll probably be able to start making real money, right now I'm working on a Call Center selling cable tv and getting payed 220€ a month, although I only work 4 hours a day and have expenses I know I can't live alone off of that and I don't want to work in a call center the rest of my life ofc, I hate depending on my parents money, I always pictured myself leaving my mothers house early but it seems like that won't be possible, and this really pessimist view of the future brings me down.
Best wishes to you too.



posted on Apr, 19 2014 @ 04:39 AM
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portuguese wine seriously ?

i know portuguese are very proud of everything they do but let's be honest for one second, portuguese wine is plain bad (which is the reason why you came up with porto wine - to make that bad taste wine somehow drinkable)

sorry for the sarcasm but let's face the truth (it'll set you free)

plenty of natural resources to steal from the locals in portugal : fish, forests (cork), iron ore, copper, zinc, tin, tungsten, silver, gold, uranium, marble, clay, gypsum, salt, arable land, hydropower

i've emphasized the metals, but cork or marble are also very valuable
edit on 19-4-2014 by anHairInTheSoup because: (no reason given)





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