State debt continues to climb

By TPN/Lusa, in News · 21-04-2013 11:17:00 · 2 Comments
State debt continues to climb

The total of Portuguese state debt amounted to practically €209 billion at the end of February, equivalent to 126.3% of Gross Domestic Product, the Bank of Portugal said in a statement.

The total debt according to the Maastricht criteria adopted by the European Union stood at €208.857 billion, up from €208.464 billion at the end of January.

Measured as a percentage of GDP, state debt has surged from 120.2% in September of last year, 123.6% at year end, to 126.3% based on estimated calculations prior to the release of first quarter GDP figures.


Comments:

Portugal's pre-austerity debt to gdp ratio was approximately 84% in 2010, today debt is reaching 126%, and at this rate will most likely be closer to 150% by 2015. . The unemployment rate was about 12% back in 2010, today it is closing in on 20% and at this rate we may see it rise to 25% - 30% by 2015. This is what austerity during recessions cause, mass unemployment and increase debt. Portugal has levied heavy taxation, and increased fees across the economic landscape, which has resulted in less consumer spending and the obligatory bankruptcies as a result. Anyone who still thinks austerity during recession is a good thing is either a politician or an idiot, take your pick.

by Mattus from Other on 23-04-2013 02:13:00

Thats after selling EDP, TAP, some railways and many other public utilities. Troika e Euro. good?

by sef from UK on 22-04-2013 09:14:00
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