Economy 52,861 Posted August 24, 2019 Share Posted August 24, 2019 https://www.google.ca/amp/s/uk.mobile.reuters.com/article/amp/idUKKCN1TP17E Portugal having one of the most impressive turnaround recoveries after the Eurozone crisis this year finally nearly eliminated the budget deficit with a very tiny deficit of only 0.2% of GDP the lowest in 4 decades Next year a Surplus of 0.3% of GDP is expected Portugal and Ireland had the best recoveries after the Eurozone crisis while Spain, Greece and Italy have struggled harder to rebound Link to post Share on other sites More sharing options...
Economy 52,861 Posted August 24, 2019 Author Share Posted August 24, 2019 @AlexanderMagno @iAstroLeo Portugal reigning Portugal running surpluses while Canada running deficits. I never would of expected that years ago Also Portugal's interest rates on debt is currently 1.09% while Canada is almost 1.8% How the tables have turned Link to post Share on other sites More sharing options...
tomsches 17,550 Posted August 24, 2019 Share Posted August 24, 2019 Partiu!!! Link to post Share on other sites More sharing options...
AlexanderMagno 10,746 Posted August 25, 2019 Share Posted August 25, 2019 This is kind of "fake news" The party that has been in power for the last four years basically loves to show off improvements, but just sweeps the dust under the rug. They simply don't spend: salaries are low, there's no investment, our healthcare is crumbling because it gets no money and no new contracts, education is the same... Portugal is living in a sweet lie because the party in charge wants to please everyone and pretends they are doing something good. If an international crisis happens (which is apparently a reality) we will fall again. Link to post Share on other sites More sharing options...
Economy 52,861 Posted August 25, 2019 Author Share Posted August 25, 2019 1 hour ago, AlexanderMagno said: This is kind of "fake news" The party that has been in power for the last four years basically loves to show off improvements, but just sweeps the dust under the rug. They simply don't spend: salaries are low, there's no investment, our healthcare is crumbling because it gets no money and no new contracts, education is the same... Portugal is living in a sweet lie because the party in charge wants to please everyone and pretends they are doing something good. If an international crisis happens (which is apparently a reality) we will fall again. Thay wouldnt make this fake news tho. It simply means theres still a lot of issues Link to post Share on other sites More sharing options...
AlexanderMagno 10,746 Posted August 25, 2019 Share Posted August 25, 2019 50 minutes ago, Economy said: Thay wouldnt make this fake news tho. It simply means theres still a lot of issues Yes of course, I was kind of joking , but it feels like propaganda. I do believe Canada is still better than us Link to post Share on other sites More sharing options...
HEARTSTOP 3,154 Posted August 25, 2019 Share Posted August 25, 2019 2 hours ago, AlexanderMagno said: This is kind of "fake news" The party that has been in power for the last four years basically loves to show off improvements, but just sweeps the dust under the rug. They simply don't spend: salaries are low, there's no investment, our healthcare is crumbling because it gets no money and no new contracts, education is the same... Portugal is living in a sweet lie because the party in charge wants to please everyone and pretends they are doing something good. If an international crisis happens (which is apparently a reality) we will fall again. Well it kinda depends on the point of view. Not saying you're wrong, but you could also say the same about the counterparts. It is also a sweet lie to invest money you don't have to then face the consequences later with interest added on top. It just boils down to what you prefer: live relatively well but owe money to everyone, or live rather modestly and not owing money to anyone. I agree there could be more focus on investing though. There have been recent campaigns to get Portuguese people back to Portugal, and also to get foreign investors to come to Portugal. For example, when it comes to technology companies, Portugal might be on the top list of the main benefiting countries from the whole Brexit shenanigans. But on the reverse side of the coin, Portugal is also one of the main countries negatively affected when it comes to tourism. Either way, the Portuguese quality of life has been steady over the past couple of years. And I say this referring to peace and freedom levels, not just economically. One a side note, I just wish the Portuguese people would stop paying so much attention to football and reality shows, and would actually pay attention to real issues. Maybe then the money could be used better? Spending money is also a way of voting, and you see even the poorest of Portuguese people spending lots of money on fanatic sports and celebrity-endorsed products/events, which means the government gets away with lots of stuff behind the curtains. Spoiler Anyway, I just wrote a whole rant on Portuguese politics on a popstar cult site, so who am I to say anything IDGAF Link to post Share on other sites More sharing options...
Luc 4,776 Posted August 25, 2019 Share Posted August 25, 2019 3 hours ago, AlexanderMagno said: This is kind of "fake news" The party that has been in power for the last four years basically loves to show off improvements, but just sweeps the dust under the rug. They simply don't spend: salaries are low, there's no investment, our healthcare is crumbling because it gets no money and no new contracts, education is the same... Portugal is living in a sweet lie because the party in charge wants to please everyone and pretends they are doing something good. If an international crisis happens (which is apparently a reality) we will fall again. Sounds like the Netherlands, and Germany, and the UK... for Portugal to be in this situation is really good considering where they were seven years ago. Here's to hoping the economy will keep growing and debt keeps falling so more public investment can be made. Link to post Share on other sites More sharing options...
Teal Ambition 47,805 Posted August 25, 2019 Share Posted August 25, 2019 I hope the economy keeps growing Definitely would have never seen this coming years ago considering in what position they were in ▌│█║▌║▌║ before I am Canadian, I am Chromatican ║▌║▌║█│▌ Link to post Share on other sites More sharing options...
AmericanxDream 2,049 Posted August 26, 2019 Share Posted August 26, 2019 Imagine flopping for 40 years though. Link to post Share on other sites More sharing options...
Maleficent 6 Posted August 26, 2019 Share Posted August 26, 2019 Madame X’s impacT!! Link to post Share on other sites More sharing options...
Economy 52,861 Posted August 26, 2019 Author Share Posted August 26, 2019 17 hours ago, Oshawott said: Imagine flopping for 40 years though. Thats pretty typical of countries to consistently run deficits tho. Only a small portion run surpluses Link to post Share on other sites More sharing options...
Economy 52,861 Posted August 26, 2019 Author Share Posted August 26, 2019 17 hours ago, Luc said: Sounds like the Netherlands, and Germany, and the UK... for Portugal to be in this situation is really good considering where they were seven years ago. Here's to hoping the economy will keep growing and debt keeps falling so more public investment can be made. 17 hours ago, Teal Ambition said: I hope the economy keeps growing Definitely would have never seen this coming years ago considering in what position they were in 17 hours ago, HEARTSTOP said: Well it kinda depends on the point of view. Not saying you're wrong, but you could also say the same about the counterparts. It is also a sweet lie to invest money you don't have to then face the consequences later with interest added on top. It just boils down to what you prefer: live relatively well but owe money to everyone, or live rather modestly and not owing money to anyone. I agree there could be more focus on investing though. There have been recent campaigns to get Portuguese people back to Portugal, and also to get foreign investors to come to Portugal. For example, when it comes to technology companies, Portugal might be on the top list of the main benefiting countries from the whole Brexit shenanigans. But on the reverse side of the coin, Portugal is also one of the main countries negatively affected when it comes to tourism. Either way, the Portuguese quality of life has been steady over the past couple of years. And I say this referring to peace and freedom levels, not just economically. One a side note, I just wish the Portuguese people would stop paying so much attention to football and reality shows, and would actually pay attention to real issues. Maybe then the money could be used better? Spending money is also a way of voting, and you see even the poorest of Portuguese people spending lots of money on fanatic sports and celebrity-endorsed products/events, which means the government gets away with lots of stuff behind the curtains. Reveal hidden contents Anyway, I just wrote a whole rant on Portuguese politics on a popstar cult site, so who am I to say anything Portugal tackling the deficit also helped in another aspect... its fiscal position is seen as more stable now and its bond investment grades upgraded As a result yields on its debt have collapsed because its no longer seen as dangerous or at risk of default 7 years ago government debt interest was as high as 10% while now last time I checked 10 year government bonds were yielding 1.09%. After ajusting for inflation its not really even paying real interest While in much of the world especially europe borrowing costs have dropped a lot (some would argue too much in fact) few countries borrowinf costs fell as much as portugal relative to its peak showing a complete turn around That being said the negative rates in some EU nations are beyond me. Like keep the money under the matress if u wanna keep it safe dont lend it at a loss Link to post Share on other sites More sharing options...
Economy 52,861 Posted August 26, 2019 Author Share Posted August 26, 2019 18 hours ago, AlexanderMagno said: Yes of course, I was kind of joking , but it feels like propaganda. I do believe Canada is still better than us Economically and quality of life I can tell you it is having lived in both But at least Portugal is in a positive tragectary at this time Canada used to be ranked #1 best country to live in the world every year by the UN a couple decades back and weve deteriorated a lot in relation to what we used to be economically and quality of life After a consistent decline over many years weve kinda just plateued stuck in a tredmill Its not as good as it used to be and the way some things are being handled I dont see us recovering back to what we were any time soon Link to post Share on other sites More sharing options...
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