The Socialist party says that the fiscal consolidation that the country has been subject to over the past year clearly has been insufficient and that 2014 will be a year "with more cuts and more austerity."
According to the November figures released on Monday, between January and November this year Portugal’s deficit reached an impressive €7.7573 billion despite all the cuts, tax increases and general belt-tightening.
"These recent figures not only did not surprise us, as they are confirmation that fiscal consolidation in 2013 has been insufficient," according to the socialist party’s national secretary Eurico Brilhante Dias, taking a hard-arsed approach to austerity where previously the socialists have been petitioning for an easing of unpopular austerity measures.
"Portugal started this year with a budget target of 4.5% deficit in the national accounts. This goal was revised mid-year because, obviously, the 2013 state budget was unachievable." The Government and the Troika then agreed a limit at the year end for a deficit of €8.9 billion.
The National Socialist Secretary said that "the report accompanying the 2014 budget predicts the 2013 year end figure to be very close to 6%."
This scenario will mean "2014 will be a year with more cuts and more austerity," said Dias offering no Christmas cheer, no sliver of optimism, and no alternatives that have any credibility.
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Meantime, wishing everyone a Very Happy Christmas.
(Unless you're a Socialist, of course. Humbug to you lot).