"I would not call it inevitable, but the odds of Portugal asking for assistance have increased since Ireland did the same," believes Pedro Lains, an economist at Lisbon University, who says it is even possible that negotiations have already begun behind closed doors.On Wednesday, hundreds of thousands of Portuguese people took part in what trade unions call the biggest general strike in their history.
Workers manned picket lines across the country to rail against pay cuts, a rise in VAT and a freeze on pensions.
Their banners proclaimed the government's austerity measures as "robbery". A union leader called the protest a "cry of indignation" from society.
My point. They borrowed at low interest rates, they gave themselves big benefits and wages and pensions forgetting to create the wealth to pay for all this.
It has happened in Greece. It has happened in Ireland. I will happen in Spain.
It is happening in the US cities and states. It is time to pay the piper.
Unfortunately the smart people know how to protect themselves for these market shifts. And the rich get richer. At the end of the day those who most need to be helped will pay the price.
It is very sad that our leaders are so blind not to recognize what they have done and caused throughout the years.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked second best gold timer by Timer Digest
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