MAS TEMOS PARCERIAS ESTRATÉGICAS COM A CHINA...

http://www.spiegel.de/international/europe/0,1518,731335-3,00.html


Which EU Problem Child Will Be Next?
By Ferry Batzoglou, Michael Braun, Yasmin El-Sharif, Michael Kröger, Ole Reissmann and Stefan Schultz


dpa
A general strike in Spain in September: Will the euro rescue package be enough in the end?
Part 3: Portugal - The Next up for a Bailout?

The interest rate on long-term Portuguese government loans has recently been often over 6 percent, based on investors' concerns that the country may be the next to require a bailout from the EU-IMF euro rescue fund. In contrast to Ireland, Portugal's problem is not related to the banking sector or a real estate bubble. The country has serious structural problems. In the past decade, Portugal's economy has undergone little growth, its industry has become less competitive globally and unemployment has risen to more than 10 percent.

In 2009, new borrowing reached a record level of 9.4 percent. With austerity measures never seen before in the country, the Portuguese government wants to reduce its budget deficit this year to 7.3 percent, and to 4.3 percent in 2011. In addition, the country plans to raise its value-added tax (similar to sales tax) from 21 to 23 percent, and to raise taxes on corporate profits to 2.5 percent.

In addition, major infrastructural projects like the new airport and the construction of high-speed rail lines have been temporarily suspended. State-owned companies including energy utilities and banks are either to be fully or partly privatized, bring a total of €6 billion into the state's coffers. Savings are also planned in the public sector, with salaries for civil servants being trimmed by 5 percent.

But it is still uncertain whether the country's economy can grow enough to generate the tax revenues needed to reduce debt. The government in Lisbon is forecasting a mini-growth of 0.2 percent for 2011. The Office for Economic Cooperation and Development, however, fears the country could fall back into a recession.

The other problem is that the results of the country's savings program could come too late. This spring, Portugal must raise €15 billion to refinance old debts. Next year, the country must come up with a total of €40 billion. If interests rates don't fall, then the country will surely be forced to request aid money soon, as a way to prevent the crisis from spreading to Spain.

The problem is Spanish banks have been the leading investors in Portugal. As of June, the open exposure of Spanish banks to Portuguese banks, companies and the government in Lisbon totalled more the €57 billion. If Portugal falters, then Spain would be the next candidate for rescue. The rescue of an economy that large would push the rescue fund beyond its current means.

A CHINA QUE AFUNDOU A NOSSA INDÚSTRIA COM AS DESLOCALIZAÇÕES ALEMÃS TEM CONTUDO UMA PARCERIA ESTRATÉGICA COM PORTUGAL.QUE TENDO DESCOLONIZADO, AGORA SE COLONIZA SÓ PARA FACILITAR.A SALVAÇÃO DEVE ESTAR NOS PORTUGUESES DE MACAU...