The minority government of Portugal has failed to gain opposition support for its proposed austerity budget.It is unclear whether the right-wing opposition will actually block the budget or merely abstain from voting.
A failure to pass the budget could plunge the country back into the debt crisis it had seemingly escaped since the summer.
Prime Minister Jose Socrates threatened to quit if the budget fails, while the finance minister ruled out more talks.
The opposition Social Democrats oppose tax rises planned by the governing Socialists, preferring spending cuts.
They've got a week to get it done, and if there's no budget by next Wednesday, boom goes the dynamite. It could be the longa soneca for the country's economy and will certainly raise the stakes on the Euro debt crisis. Keep an eye on this one, folks. I have a bad feeling about this.
Posts
No comments:
Post a Comment