Home > News > Another Nation Tries To Save Itself From Financial Ruin By Undoing Socialism

Another Nation Tries To Save Itself From Financial Ruin By Undoing Socialism

obama-socialist-200x300 Greece is in the process of a complete financial meltdown.  Why?  Because they followed a Socialist agenda, just like Obama, but they were a bit further along.  If you want to know where Obama’s ideas lead, look to Greece.

Portugal had the same ideas and, as you would expect, they ran full speed towards ruin.  So now they are putting on the breaks.  The only way to save their country from bankruptcy is to roll back Socialism.

Lisbon, Portugal (AP) – Portugal announced new austerity measures Monday to avoid a debt crisis like the one engulfing Greece, cutting welfare benefits and government hiring as well as selling assets and raising taxes on the well-off.
The goal: to avoid a financial crisis like the one engulfing Greece.
The announcement comes two days ahead of a bond issue in which Portugal will try to raise euro750 million ($1.02 billion). Greece was able to tap bond markets last week after also announcing more deep cutbacks to shore up its finances.
The two countries’ troubles have fueled a Europe-wide debt crisis that has undermined the euro and led the European Union to consider setting up a new European monetary fund to help support the euro.
Portugal aims to raise euro6 billion ($8.2 billion) from privatizations, trim welfare benefits and slash other state expenditure in an effort to reduce the country’s heavy debt load, Finance Minister Fernando Teixeira dos Santos said.

CNSNews.com – Portugal Imposes New Austerity Measures in Attempt to Avoid Financial Crisis

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