Tuesday, July 12, 2011

The Portuguese are angry against Moody's

"After all that we have suffered, and what we suffer, we react very badly." In Lisbon, Ines Furtado, teacher union 60 years, does not accept the decisions of Moody's lowered the debt rating four notches of Portugal and that of four Portuguese banks. Despite the austerity program put in place in exchange for a loan of 78 billion euros, the rating agency fears that Portugal fails to meet its commitments in reducing deficits.

"If the Portuguese have so far accepted the indications of credit rating agencies is that the outgoing Socialist government was sorely lacking in credibility," said Jony Pereira, a surfer of 34 years who responded to our call for evidence. Throughout its mandate, it "has implemented austerity measures, saying that it was the last" and that Portugal would never need the help of the International Monetary Fund (IMF).

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