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It looks like Portugal will be following Ireland and Greece in officially asking the EU for a bail out.
Three PIIGS down. Two to go!
Three PIIGS down. Two to go!
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think of it as German reparations
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Better hope that the I and S don't head south...I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Yes, we all know how much damage the German invasion of Portugal was, after all they sank the Lusitania.Originally posted by Berzerker View Postthink of it as German reparationsIf there is no sound in space, how come you can hear the lasers?
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Greece was invaded, and the Germans destroyed millions of people - I'd say they owe reparations to plenty of people in the regionComment
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Portugal should become a province of Brazil
Portugal Brazil is the worst case of being overshadowed by your colony, much worse than USA EnglandI need a foot massageComment
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What does Portugal export apart from wine, and cork for wine bottles? Countries that export very little and get most of their dollars from tourists are doomed to getting more and more indebted in order to pay back debts.
They should abandon the euro and devaluate, even if it means a drastic fall in their nominal gdp per capitaI need a foot massageComment
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They should abandon the euro and devaluate, even if it means a drastic fall in their nominal gdp per capita
You mean real GDP?
edit: not sure how you are supposed to measure nominal GDP across a change in the numeraireComment
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the ordinary working man in portugal still enjoys a better standard of living than the ordinary working man in brasil...
this news isn't a surprise, portugal's position has been untenable for some time. i can see why she didn't want to go to the EU for help, if you look at what has happened in ireland and greece following their 'rescues', but it seems inevitable now that we will see an EU/IMF plan for portugal. once this is done, we will see the markets move on to spain, and then italy."The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.
"The most obvious predicition about the future is that it will be mostly like the past" - Alain de BottonComment
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I mean that if they abandon the euro and go back to the escudo, that new old currency will devaluate very fast, and the portuguese gdp per capita of around 20.000 dollars will fall too.Originally posted by Kuciwalker View Post
If the devaluation is not compensated completely by inflation, the country becomes cheaper and the gdp falls. That is what happened in Argentina when we went from 1 peso = 1 dollar to 3 pesos = 1 dollar in a matter of months
The euro is making uncompetitive countries too expensiveI need a foot massageComment
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Portugal certainly seems to be in a spot of bother.Comment
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It's a German plot to buy off most of Europe and establish the New Realm of the Merkel.BlahComment
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4th ReichComment
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The Eu is the 4th Reich and the Antichrist will emerge from there, so this would be the 5th.
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Shock, horrorComment
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