From Portugal to Greece, activists and workers furious with the new conditions of austerity governments are imposing on their societies took to the streets in what was dubbed the continent’s first ever united General Strike.
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Europe's government-debt crisis is no longer panicking financial markets. But it won't end until the region's economy starts growing strongly again. And that will be a while. The economy of the 17 countries that use the euro has shrunk for two straight quarters - a common definition of a recession - and analysts forecast little or no growth until 2014. Without growth, there won't be enough tax revenue to help countries like Greece, Italy, Spain and Portugal narrow their deficits and slow the expansion of their debts. Their debt burdens as a percentage of economic output, a key measure of fiscal health, look worse by the day. The Eurozone’s combined debts are equal to about 93 percent of the region's gross domestic product this year and that figure is forecast to rise to peak at 94.5 percent next year. In 2009, the Eurozone’s debt-to-GDP ratio was 80 percent. A ratio above 90 percent is generally considered high and can put pressure on governments' borrowing costs. I thank you Firozali A.Mulla DBA
The overwhelming majority of the Portuguese People believed what they where told, and clinged their teeth to braze the storm. A year later, not only all those policies backfired miserably, but the Government is doubling-down on those same policies. The people are not opposed to do sacrifices. They are opposed to madness. If the economy is dying, how are we supposed to repay debt, and curb deficits? Having our best and brightest leaving college with an airline ticket in their pocket doesn't help, either. And now the EZ is formally in a recession. But some people are doing just fine. Usually, the ones screming for deep cuts in social spending, which if enabled, will open the door for social unrest like we've never seen since the XIX Century.
If flaring emotions don't die, would the General Strike turn into a continental uprising against government control and anarchy? The protestors in Portugal and Italy were igniting fires!!!
What it being called "austerity" in Europe is what most people would consider mere common sense. The most glaring example, of course, is Greece. Their national railroad had, until recently, annual revenues of 100 million Euros and salary obligations of 400 million Euros and another 300 million in ongoing expenses. And yet, Greeks are protesting in the streets because the rest of the world is saying "enough!" Italy, Portugal, and Spain are filled with equally bizarre stories of outlandish mismanagement. They should spend less time protesting and more time remitting their rightful taxes.
one day every riot police who attacked and hurt people will be prosecuted and will have to answer in a court of law ! the people´s taxes are being used to pay the police to beat up the very same people who are suffering under the current financial conditions caused by the banks !