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POL 423 Round 2 Journal 7

POL 423 Round 2 Journal 7 - bail-out negotiations This...

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Financial Times EU and IMF to drive Portugal bail-out terms April 12, 2011 Journal 7 The European Union and the International Monetary Fund are looking into bail-out terms for Portugal. They have agreed to give Portugal an 80 billion euro bail-out, but think the Portuguese economy needs to make a complete 180 degree change. The organizations are going to recommend certain changes in the economy, such as raising taxes, privatizing certain sectors, and states spending cuts just to name a few. They believe these changes are necessary to get Portugal on a path to economic success instead of the low growth and huge debt it has been facing. The Socialists that are in power now put up austerity measure to form the basis for the
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Unformatted text preview: bail-out negotiations. This program was voted down in the Portuguese parliament, and this has led to an early election in June, which the more center-right party is expected to win. This article shows the struggle member state governments have with the European Union. The other member states think the bail-out is necessary to keep the European markets stable, but the people of Portugal do not think it is necessary and see that if this happens they will lose a lot of control over their own economy, and it will be in the hands of the E.U. and the IMF. This also shows the commitment the E.U. and the IMF have towards free market principles and that they try to implement them as much as possible....
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