Portugal to fall into an EU trap
5 May, 2011 09:08
Portugal is gearing up for a billion-dollar bailout, which however may lead the country to falling into the EU bureaucracy trap.
Portugal's opposition says it is going to back the international bailout plan for Lisbon. Its approval is crucial to guarantee the EU signs off on the 78-billion-euro deal.The country has become the third Eurozone member to require a financial lifeline. Its interim prime minister claimed he had won easier terms than those imposed on Greece and Ireland.But although Jose Socrates said no drastic spending cuts are required, the Portuguese are fearful that there will need to be more austerity measures.Dr. Eike Hamer, from the Mittelstands University of Applied Sciences in Germany, says if the bailout works, EU bureaucrats will then control Portugal.“Portugal should leave the euro area for a short while, make some sort of state bankruptcy and enter the euro area again when it has solved its debt problems. A country that is in deep debt and makes more debt every year cannot solve its problems by increasing its debt amount. Soon the EU bureaucrats will tell Portugal what they have to do and what politics they have to run to fulfill all the debt regularities and therefore it depends on the aims of these bureaucrats what will be done in Portugal and not on what people want in Portugal. Thus it is one step further to euro super state where bureaucrats are more powerful than the countries.”