Portugal’s ballooning public debt sails through the €250 billion barrier

Paul Rees 02 October 2017

pawn The total value of Portugal’s public debt increased this August and, for the first time, the total exceeds €250 billion, according to the Bank of Portugal.

The Portuguese State, underwritten by the nation’s taxpayers, owes €250.38 billion to international investors and banks.

This figure is derived by using the Maastricht Treaty formula and the August total is €1.34 billion higher than at the end of July.

The government and the Prime Minister, António Costa, 'guarantees' that the public debt will follow a downward trajectory in the last months of the year but so far this year, it just keeps going up despite the government claiming Portugal is undergoing an economic resurgence of miraculous proportion.

Comments

-2 #9 nogin the nog. 2017-10-03 23:04

Quoting Cicero:

Quoting nogin the nog:
hmm
now Quoting dw:
And yet, the real problem internationally is not public debt, which is what all money actually is, but massive levels of private debt. Unsustainable private debts caused the 2008 crash, the root of the current problems, which were simply transferred from private banks to states via the bank bail-outs.

Spot on DW, The parasites live beyond there means and the public or tax payer gets shafted with the bill..

--------------------------------------------------------------------
Sorry guys, like 99.99% of the population you just don't get it, you've all been conned by your politicians, governments and their central bankers (obviously for your own benefit and in the nicest possible way).

Please have a look the site in the link below and also check out the very informative links at the side of the main article regarding the banking system and how it really works, you'll see that the lay-mans concept of debt, both public and private and even the concept of money itself is totally flawed.
It's all available in a number of languages so no-one need miss out.
Have a great day !
http://www.courtfool.info/en_The_banking_system_in_short.htm#right-column

hmm. yep very interesting site..

-1 #8 Alvar 2017-10-03 13:38

The government and the Prime Minister, António Costa, 'guarantees' that the public debt will follow a downward trajectory in the last months of the year.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Maybe Costa is thinking that he is going to get some cash from his friend Socrates when the money laundering / tax evasion charges are all sorted out but then again, maybe not!
But anyway when a politician with a reputation like Costa "guarantees" it, it's obviously no problem, nothing to see here, move on ! :-x

+1 #7 Cicero 2017-10-03 12:37

Quoting nogin the nog:

hmm
now Quoting dw:
And yet, the real problem internationally is not public debt, which is what all money actually is, but massive levels of private debt. Unsustainable private debts caused the 2008 crash, the root of the current problems, which were simply transferred from private banks to states via the bank bail-outs.

Spot on DW, The parasites live beyond there means and the public or tax payer gets shafted with the bill..

--------------------------------------------------------------------
Sorry guys, like 99.99% of the population you just don't get it, you've all been conned by your politicians, governments and their central bankers (obviously for your own benefit and in the nicest possible way).

Please have a look the site in the link below and also check out the very informative links at the side of the main article regarding the banking system and how it really works, you'll see that the lay-mans concept of debt, both public and private and even the concept of money itself is totally flawed.
It's all available in a number of languages so no-one need miss out.
Have a great day !
http://www.courtfool.info/en_The_banking_system_in_short.htm#right-column

+1 #6 Granite 2017-10-03 12:05

But the E.U. say Portugal is going the right way and no longer breaches E.U. rules.
The Portuguese government say the country is having an economic revival.
Is someone not telling the truth, the whole truth and nothing but the truth ?
Surely Not ! :-*

https://www.ft.com/content/f787e5c0-3eda-11e7-82b6-896b95f30f58

http://www.npr.org/sections/parallels/2017/04/26/524681297/portugal-basks-in-post-bailout-economic-revival

+2 #5 wink 2017-10-03 11:52

Just as a matter of interest, is Portugal the only EU country that taxes euromillions lottery winners. As the bulk of the money is contributed outside of Portugal is this legal?

+1 #4 nogin the nog 2017-10-03 00:34

hmm
now Quoting dw:

And yet, the real problem internationally is not public debt, which is what all money actually is, but massive levels of private debt. Unsustainable private debts caused the 2008 crash, the root of the current problems, which were simply transferred from private banks to states via the bank bail-outs.

Spot on DW, The parasites live beyond there means and the public or tax payer gets shafted with the bill..

+2 #3 dw 2017-10-02 23:17

And yet, the real problem internationally is not public debt, which is what all money actually is, but massive levels of private debt. Unsustainable private debts caused the 2008 crash, the root of the current problems, which were simply transferred from private banks to states via the bank bail-outs.

+1 #2 nogin the nog 2017-10-02 20:47

hmm
1.3 billion of debt in 4 weeks is pretty much telling us the truth. All is far from being well. How long before Portugal becomes like Greece remains to be seen.
Spain, Italy, France all have debts spiralling out of control, Way beyond there GPD.

+1 #1 Maximillian 2017-10-02 20:41

"The government and the Prime Minister, António Costa, 'guarantees' that the public debt will follow a downward trajectory in the last months of the year"

What's the value of Costa's words? :sigh: