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Thread: Portugal to Raise Taxes in Bid to Cut Deficit Faster

  1. #11
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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    presidential fingerprints

    doing "what the bank said last week it had not even considered buying up the sovereign debt of the weakest members of the euro zone"

    Debt Aid Package for Europe Took Nudge From Washington - NYTimes.com

    IT'S ALL YOURS, barry

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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    "But under more adverse scenarios than the CBO considered, including higher interest rates, Moody's projects that debt service could hit 22.4% of revenue by 2013," beyond AAA territory

    U.S. Debt Shock May Hit In 2018, Maybe As Soon As 2013: Moody's - IBD - Investors.com

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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster


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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    Quote Originally Posted by Deuce View Post
    If only the American people could stomach this necessary step.
    Unfortunately, even as austerity can be necessary, it can be difficult to carry out in democratic societies. It is difficult to persuade people to expect sacrifice even when sacrifice is necessary. Nonetheless, the U.S. will likely face a risk of a debt crisis down the road if the nation does not embark on a course that includes a combination of discretionary spending cuts, mandatory spending reforms, and tax hikes. Such a course will require genuine political courage. If the U.S. does not initiate such a program beginning as early as next year, it likely will be placed on negative outlook in the next year or two by the ratings agencies (IMO, something that should already have been done given the size of its structural deficits and absence of a credible plan for tackling those deficits, but such agencies are typically reactive when it comes to measuring risk).

  5. #15
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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    Quote Originally Posted by The Prof View Post
    good for mike pence

    the european bailout protection act would:

    "Prohibit any funds that have yet to be drawn by the IMF from being used to provide financing to any EU countries until all EU nations are in compliance with the debt to GDP ratio requirement in their own collective growth pact."

    Right Now - Republicans introduce bill to prevent Euro bailout
    While I agree that the Euro Zone's mess is largely of its own doing, I do not support this resolution for two reasons.
    1) The United States should not be micromanaging the IMF in this way. It's an international body of which we are one member.
    2) The United States should not be micromanaging the EU in this way. Frankly, it's none of Mike Pence's damn business WHAT debt/GDP ratio the EU requires...or if they even have a requirement at all.
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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    oh, pence is posturing, his piece has no possibility

    but politically, it paints them that are responsible as them that are responsible

    live it, love it, it's YOURS!

  7. #17
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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    I think this crisis might spell the end of the euro. Having a single unified monetary policy just doesn't work for nations that are unwilling to also have a single unified fiscal policy. It works in the United States because we have a strong federal government; the eurozone does not have that.

    As long as the euro remains, I fear this will continue to happen every time the economy goes into a recession. The European Central Bank won't cut interest rates enough to satisfy the worst-performing members, which will prolong their recession. This will, in turn, cause them to accumulate more debt (if they can) or impose severe austerity measures which will hurt their economies even more.

    As I see it, the economies of southern Europe probably need to abandon the euro...both for their own good and for the euro zone's. Maybe the euro can survive as a smaller currency union of France, Germany, Austria, Finland, and the Netherlands...but even a smaller union will have the same fundamental problem.
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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    it IS an existential threat

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    Re: Portugal to Raise Taxes in Bid to Cut Deficit Faster

    Quote Originally Posted by Deuce View Post
    If only the American people could stomach this necessary step.
    Why don't liberals just send in more of their own money?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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