Sticking one up the French and Germans

The Portuguese left look like they are trying to make a comeback by telling the voters they don’t have to pay for their debt.

“We have an atomic bomb that we can use in the face of the Germans and the French: this atomic bomb is simply that we won’t pay,” said Pedro Nuno Santos, vice-president of the Socialist Party in the parliament.

“Debt is our only weapon and we must use it to impose better conditions, because recession itself is what is stopping us complying with the (EU-IMF Troika) accord. We should make the legs of the German bankers tremble,” he said.


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  • Mooloo

    Really . It’s a big wide old world out their . The Germans may welcome the opportunity to deal with more progressive economies NZ Oz for a start . Plenty of German Money heading our way already watch this space. Don the Deigo in Portugal should watch out the bomb dosn’t implode
    on his greasy arse .

  • Ploughman

    It would be economic suicide to refuse to face up to legal obligations.  Investors would never invest again if that happened.  So where would the Portuguese get their money from for servicing existing debt,infrastructure developments, and supporting government expenditure?  Investors would let Portugal go to hell rather than be taken for a ride and robbed of their cash.  As for German money heading our way – don’t hold your breath as so much of the capital in German was invested in PIGS’s bonds so these countries could buy German goods.  The Germans were stupid enough to loan on bad books with weak or nil security, so they aren’t going to see their cash back soon to funnel over here. If they do start to make approaches then they might be more open to correcting their trade tricks that has soimpoverished the non-EU world.
    The whole of Europe needs to take a course in elementary financing before they drag us into the worst recession ever.  And they need to be far more honest in their international dealings.