Portugal Debt Collapsing As Government Forecasts Budget Surplus

[Economy 52,844]

21 minutes ago, miguelxgaga said:

my country 

Another portchop great

 

U can join me, @iAstroLeo and @AlexanderMagno. That makes at least 4 of us

[michael angelo 1,087]

1 minute ago, Economy said:

Another portchop great

 

U can join me, @iAstroLeo and @AlexanderMagno. That makes at least 4 of us

wait are u portuguese as well? I thought u were from Greece  or smthing like that

[Economy 52,844]

On 1/9/2020 at 9:55 PM, miguelxgaga said:

wait are u portuguese as well? I thought u were from Greece  or smthing like that

Greece?

 

I live in Canada. I've been in Canada for almost 20 years now

 

But my parents are Portuguese and I grew up in Portugal as a kid (moved to Canada when I was 8 almost 9)

 

My mom is from Azores (Pico) and my dad was from the mainland and they met here in Canada. Yes I was born here in Canada so I'm technically Canadian but for some reason they decided to go back to Portugal when I was still a newborn but then came back again 

 

When I lived in Portugal I lived in a village close to Coimbra. Most of my family is from that area so that's also where I go to visit

 

I know the entire region of Coimbra, Aveiro, Agueda, Anadia, Melhada etc quite well 

 

Also my area of Portugal in Bairrada has the best restaurants, frango de churrasco and leitão in the country! Sorry not sorry 

 

Edit: also why are u still awake? Isn't it like 3am there?

 

[Woolfsmck 2,763]

2 hours ago, Economy said:

 

Europe is still stagnating and the recovery has been rather painfully slow

 

Of all the Countries heavily affected by the Eurozone crisis only Portugal and Ireland stabilized and began recovering above expectations

 

Greece, Spain, Italy and a lot of smaller Countries in central Europe have struggled to improve their finances or get solid economic growth

 

In Portugals case tourism and exports performed above expectations and getting finances under control also gave investors further confidence which in turn brought interest rates on government debt down a lot and further stabilized Portugal and confidence in its economy

 

Portugals austerity was also more balanced. It wasn't as harsh as Greece for example to keep deteriorating economy in a downward spiral for several years after crisis but the cuts were still enough to get finances under control

 

Also, Portugal made tough reforms on stuff like retirement age to help offset ageing population. Italy for example has a very aged population as well and has done little to try to deal with that reality

 

Ireland I didn't follow as closely so I'm not sure why they also recovered faster.

So leadership there cut spending on retirement benefits to match state revenue...

Rather than simply 'Tax the rich'

 

Woa …. smart people live in Portugal … quite the contrast to ahem …. 

[Economy 52,844]

Just now, Woolfsmck said:

So leadership there cut spending on retirement benefits to match state revenue...

Rather than simply 'Tax the rich'

 

Woa …. smart people live in Portugal … quite the contrast to ahem …. 

Yeah the tax hikes there were small. Most of the austerity in Portugal was benefit cuts and retirement was one of them

 

65 was the old age now it's 66.5

 

The 1.5 year increase makes a big difference in a very aged society

 

A lot of other services were also on spending freezes like healthcare. It forced a lot of ppl to use private cuz it made public healthcare slow (they have a public and private hybrid system there)