'Syrian' crisis ? Portugal jobless rate to hit 16.4%...

Portugal Finance Minister Vitor Gaspar.jpg

Portugal jobless rate to hit 16.4% as income tax hike set for 2013
Oct 3, 2012

Portugal finance minister announces an income tax hike for the 2013 budget as the unemployment rate is expected to hit 16.4% the same year.

On Wednesday, the Portuguese Finance Minister Vitor Gaspar had announced that the average tax hike would rise from 9.8 percent to 13.2 percent in 2013, adding that the unemployment rate is also expected to rise from 16 percent to 16.4 percent next year. 

The minister said the new austerity measures include a 4.0 percent “extraordinary tax” with Portugal's income tax brackets reduced from eight to five.

The recently announced austerity measures have been designed to replace the critically- defamed proposals arranged earlier. 

This comes as train drivers in Portugal have begun a five-day strike on Monday to express their anger over new austerity measures imposed by the country's government. 

Meanwhile, the global economic institutions including European Central Bank (ECB), International Monetary Fund (IMF) and the European Union (EU) are keeping an eye on Portugal's implementation of spending cuts and reforms required in return for the 78-billion-euro (USD 102 billion) rescue package the country received in 2011. 

The international creditors have agreed to relax Portugal's deficit targets for 2012 and 2013, rewarding the Portuguese for pushing through reforms. 

Battered by the global financial downturn, the Portuguese economy fell into a recession which led the country to negotiate in 2011 with the IMF for a bailout loan. 

Spain, Greece, Italy, Cyprus and Portugal are all in recession and all five are receiving financial assistance from European bailout funds. 



Photo: Portugal Finance Minister Vitor Gaspar


Syrian crisis ? Spain Protesters Storm Parliament...


Spain in more serious situation than Greece

Spain Protesters Storm Parliament As They Rage Against Austerity, Many Beaten By Police

Sept. 25th, 2012 

MADRID — Spain's government was hit hard by the country's financial crisis on multiple fronts Tuesday as protestors enraged with austerity cutbacks and tax hikes clashed with police near Parliament, a separatist-minded region set elections seen as an independence referendum and the nation's high borrowing costs rose again.

More than 1,000 riot police blocked off access to the Parliament building in the heart of Madrid, forcing most protesters to crowd nearby avenues and shutting down traffic at the height of the evening rush hour.

Police used batons to push back some protesters at the front of the march attended by an estimated 6,000 people as tempers flared, and some demonstrators broke down barricades and threw rocks and bottles toward authorities.

Television images showed officers beating protesters in response, and an Associated Press television producer saw five people dragged away by police and two protesters bloodied. Spanish state TV said at least 28 were injured, including two officers, and that 22 people were detained. Independent Spanish media reported higher numbers that could not immediately be confirmed.

The demonstration, organized with an "Occupy Congress" slogan, drew protesters from all walks of life weary of nine straight months of painful economic austerity measures imposed by Prime Minister Mariano Rajoy and his solid majority of lawmakers. Smaller demonstrations Tuesday attracted hundreds of protesters in Barcelona and Seville.

Angry Madrid marchers who got as close as they could to Parliament, 250 meters (yards) away, yelled "Get out!, Get out! They don't represent us! Fire them!"