The Phaserl


Portugal Goes Off the Rails

by Pater Tenebrarum,

Coelho Government Hit by Waning Austerity Enthusiasm

Pedro Passos Coelho is said to be ‘defiant’ in the wake of the surprise resignation of two rather important ministers from his cabinet, and wows to soldier on with the EU-approved austerity scheme. The problem is of course that it has become deeply resented by a generally placid population and that austerity, as expected, is becoming politically untenable.

Here is a summary of what happened over the past 24 hours or so:

“Portugal’s financial crisis has reignited, triggering a stock market plunge and once again raising the spectre that its borrowing costs could soon become unsustainable.”

Share prices plummeted 6% in early trading on Wednesday and other major stock markets, including the FTSE 100, also fell sharply.

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