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It’s the Journalists’ Fault

28 Nov

Pedro Teles

The British media is not doing much to help, only spreading lies, rumours, and blowing things out of proportion. Portuguese bond yields were falling today. Thanks British media for bringing that up as well, and for writing such wonderfully balanced news items about my nation.

I thank you on behalf on my people.
Replying to Pedro Teles:

blowing things out of proportion.

Indeed – a required loan for Ireland of €EIGHTY-FIVE BILLION at a high interest rate it can’t afford is such a trifling, piffling thing really that it should of course kept in proportion. Do you honestly think, Pedro, that Ireland will be able to repay this within our lifetimes? What is Portugal’s debt, in fact? I must look it up.

What you are not seeing is THIS:

A) Your government has to borrow money. Why, I don’t know – can’t you live within your means?

B) The people and/or organisations that could lend you this money are nervous about your ability to pay it back. As these investors are in general not stupid, or at least nowhere near as stupid as governments, one must assume that their assessments of your ability to pay back loans is based on fairly sound premises. And anyway, IT’S THEIR MONEY – if they won’t lend to you except at a high rate of interest, then that’s YOUR PROBLEM.

C)  Your government is incapable of planning anything in advance but only good at overborrowing, overspending and bloating its civil service (but you are not alone – this is the usual “developed” countries’ model.) And the civil service of course in all countries is usually a deadweight round the neck of those trying desperately to make money to pay for government waste. SO, because of your vast debt your government has now had to impose an AUSTERITY package. PLEASE TELL ME WHY YOU THINK JOURNALISTS ARE RESPONSIBLE FOR THIS SITUATION. I thought Portugal had a sovereign government.

PS DID YOU NOT GET THE BIT WHERE YOUR PRIME MINISTER SAID:

“Many activities were removed from the budget”. It’s not only Portugal, of course. In Britain much investment was shifted to PFIs, which I believe ALSO don’t figure in the usual statistics designed to reveal a country’s debt.

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