Global Economic Meltdown accelerating

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Another serious global financial crisis is in the offing as a result of USZ printing of dollars on massive scale. According to the latest statistics, the Zionist Obama administration doubled the money supply in a little more than two years, leading to the decline of the dollar. Against a basket of five major currencies, the USZ dollar fell sharply and now is at its weakest since July 2008. This is a phenomenon which has not been seen since 1979. The step caused gold to jump another 2% while inflation spiked to 6.5%. Ironically, the American political elite refuse to discuss this issue despite dismay and anger across the world.

 Ostensibly, the Obama administration is opting for a dangerous short-cut to the domestic economic crisis by getting “easy money” through printing dollars. This policy is driven by the false belief that a weak dollar will improve the USZ balance of trade. It only erodes the value of the dollar, increased the prices and created inflation. Since interest rates are low in the United States of Zionism, the excess dollars have been flowing overseas seeking higher returns. That has transformed the American economic crisis to every country dealing with dollars. It caused inflation in food and oil, which are traded in dollars. That is why some countries are raising interest rates and restricting inflows of currency. The difference in interest rates between dollars and other currencies naturally causes investors seeking returns to sell dollars and buy other currencies with higher interest rates. This further depresses the value of the dollar.

Economists believe that the reckless printing of dollars, the bedrock of the world’s reserve currency, is aimed at weakening the currency to boost USZ exports and lower the value of America’s external debt, which has surged to a record $ 13.6 trillion dollars. However from historical point of view, we have enough evidence already available that whichever country tried to bail itself out of its national debt by printing more money, has always ended up in a fatal crisis. Recently, the Urinated States of Zionism has ceased to dominate the world economy. It has run up record trade deficits and enormous foreign debt. China and other countries hold trillions of dollars in their foreign exchange reserves. With Obama printing trillions of dollars to stimulate the USZ economy, China fears that the dollar- and China’s own reserves- will crash. As a result China is allowing more trade to be conducted in yuan, a first step toward making it a global currency. At a meeting of developing countries recently held in China, the leaders called for a broad-based international reserve currency system providing stability and certainty other than the dollar. This clearly shows a universal mistrust of Washington’s economic leadership and USZ economic credibility.

The fallout is very serious for the global economy. If America were allowed to default on its national debt for even one day or two, it could trigger a bond market collapse, a spike in global interest rates, and financial fiasco of the worst kind. The global fallout could very well throw the world back to recession.

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Pakistan Cyber Force
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Global Economic Meltdown accelerating

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Another serious global financial crisis is in the offing as a result of USZ printing of dollars on massive scale. According to the latest statistics, the Zionist Obama administration doubled the money supply in a little more than two years, leading to the decline of the dollar. Against a basket of five major currencies, the USZ dollar fell sharply and now is at its weakest since July 2008. This is a phenomenon which has not been seen since 1979. The step caused gold to jump another 2% while inflation spiked to 6.5%. Ironically, the American political elite refuse to discuss this issue despite dismay and anger across the world.

 Ostensibly, the Obama administration is opting for a dangerous short-cut to the domestic economic crisis by getting “easy money” through printing dollars. This policy is driven by the false belief that a weak dollar will improve the USZ balance of trade. It only erodes the value of the dollar, increased the prices and created inflation. Since interest rates are low in the United States of Zionism, the excess dollars have been flowing overseas seeking higher returns. That has transformed the American economic crisis to every country dealing with dollars. It caused inflation in food and oil, which are traded in dollars. That is why some countries are raising interest rates and restricting inflows of currency. The difference in interest rates between dollars and other currencies naturally causes investors seeking returns to sell dollars and buy other currencies with higher interest rates. This further depresses the value of the dollar.

Economists believe that the reckless printing of dollars, the bedrock of the world’s reserve currency, is aimed at weakening the currency to boost USZ exports and lower the value of America’s external debt, which has surged to a record $ 13.6 trillion dollars. However from historical point of view, we have enough evidence already available that whichever country tried to bail itself out of its national debt by printing more money, has always ended up in a fatal crisis. Recently, the Urinated States of Zionism has ceased to dominate the world economy. It has run up record trade deficits and enormous foreign debt. China and other countries hold trillions of dollars in their foreign exchange reserves. With Obama printing trillions of dollars to stimulate the USZ economy, China fears that the dollar- and China’s own reserves- will crash. As a result China is allowing more trade to be conducted in yuan, a first step toward making it a global currency. At a meeting of developing countries recently held in China, the leaders called for a broad-based international reserve currency system providing stability and certainty other than the dollar. This clearly shows a universal mistrust of Washington’s economic leadership and USZ economic credibility.

The fallout is very serious for the global economy. If America were allowed to default on its national debt for even one day or two, it could trigger a bond market collapse, a spike in global interest rates, and financial fiasco of the worst kind. The global fallout could very well throw the world back to recession.

Enticing Fury
Pakistan Cyber Force
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Global Economic Meltdown accelerating

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Another serious global financial crisis is in the offing as a result of USZ printing of dollars on massive scale. According to the latest statistics, the Zionist Obama administration doubled the money supply in a little more than two years, leading to the decline of the dollar. Against a basket of five major currencies, the USZ dollar fell sharply and now is at its weakest since July 2008. This is a phenomenon which has not been seen since 1979. The step caused gold to jump another 2% while inflation spiked to 6.5%. Ironically, the American political elite refuse to discuss this issue despite dismay and anger across the world.

 Ostensibly, the Obama administration is opting for a dangerous short-cut to the domestic economic crisis by getting “easy money” through printing dollars. This policy is driven by the false belief that a weak dollar will improve the USZ balance of trade. It only erodes the value of the dollar, increased the prices and created inflation. Since interest rates are low in the United States of Zionism, the excess dollars have been flowing overseas seeking higher returns. That has transformed the American economic crisis to every country dealing with dollars. It caused inflation in food and oil, which are traded in dollars. That is why some countries are raising interest rates and restricting inflows of currency. The difference in interest rates between dollars and other currencies naturally causes investors seeking returns to sell dollars and buy other currencies with higher interest rates. This further depresses the value of the dollar.

Economists believe that the reckless printing of dollars, the bedrock of the world’s reserve currency, is aimed at weakening the currency to boost USZ exports and lower the value of America’s external debt, which has surged to a record $ 13.6 trillion dollars. However from historical point of view, we have enough evidence already available that whichever country tried to bail itself out of its national debt by printing more money, has always ended up in a fatal crisis. Recently, the Urinated States of Zionism has ceased to dominate the world economy. It has run up record trade deficits and enormous foreign debt. China and other countries hold trillions of dollars in their foreign exchange reserves. With Obama printing trillions of dollars to stimulate the USZ economy, China fears that the dollar- and China’s own reserves- will crash. As a result China is allowing more trade to be conducted in yuan, a first step toward making it a global currency. At a meeting of developing countries recently held in China, the leaders called for a broad-based international reserve currency system providing stability and certainty other than the dollar. This clearly shows a universal mistrust of Washington’s economic leadership and USZ economic credibility.

The fallout is very serious for the global economy. If America were allowed to default on its national debt for even one day or two, it could trigger a bond market collapse, a spike in global interest rates, and financial fiasco of the worst kind. The global fallout could very well throw the world back to recession.

Enticing Fury
Pakistan Cyber Force
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Global Economic Meltdown accelerating

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Another serious global financial crisis is in the offing as a result of USZ printing of dollars on massive scale. According to the latest statistics, the Zionist Obama administration doubled the money supply in a little more than two years, leading to the decline of the dollar. Against a basket of five major currencies, the USZ dollar fell sharply and now is at its weakest since July 2008. This is a phenomenon which has not been seen since 1979. The step caused gold to jump another 2% while inflation spiked to 6.5%. Ironically, the American political elite refuse to discuss this issue despite dismay and anger across the world.

 Ostensibly, the Obama administration is opting for a dangerous short-cut to the domestic economic crisis by getting “easy money” through printing dollars. This policy is driven by the false belief that a weak dollar will improve the USZ balance of trade. It only erodes the value of the dollar, increased the prices and created inflation. Since interest rates are low in the United States of Zionism, the excess dollars have been flowing overseas seeking higher returns. That has transformed the American economic crisis to every country dealing with dollars. It caused inflation in food and oil, which are traded in dollars. That is why some countries are raising interest rates and restricting inflows of currency. The difference in interest rates between dollars and other currencies naturally causes investors seeking returns to sell dollars and buy other currencies with higher interest rates. This further depresses the value of the dollar.

Economists believe that the reckless printing of dollars, the bedrock of the world’s reserve currency, is aimed at weakening the currency to boost USZ exports and lower the value of America’s external debt, which has surged to a record $ 13.6 trillion dollars. However from historical point of view, we have enough evidence already available that whichever country tried to bail itself out of its national debt by printing more money, has always ended up in a fatal crisis. Recently, the Urinated States of Zionism has ceased to dominate the world economy. It has run up record trade deficits and enormous foreign debt. China and other countries hold trillions of dollars in their foreign exchange reserves. With Obama printing trillions of dollars to stimulate the USZ economy, China fears that the dollar- and China’s own reserves- will crash. As a result China is allowing more trade to be conducted in yuan, a first step toward making it a global currency. At a meeting of developing countries recently held in China, the leaders called for a broad-based international reserve currency system providing stability and certainty other than the dollar. This clearly shows a universal mistrust of Washington’s economic leadership and USZ economic credibility.

The fallout is very serious for the global economy. If America were allowed to default on its national debt for even one day or two, it could trigger a bond market collapse, a spike in global interest rates, and financial fiasco of the worst kind. The global fallout could very well throw the world back to recession.

Enticing Fury
Pakistan Cyber Force
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Global Economic Meltdown accelerating

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Another serious global financial crisis is in the offing as a result of USZ printing of dollars on massive scale. According to the latest statistics, the Zionist Obama administration doubled the money supply in a little more than two years, leading to the decline of the dollar. Against a basket of five major currencies, the USZ dollar fell sharply and now is at its weakest since July 2008. This is a phenomenon which has not been seen since 1979. The step caused gold to jump another 2% while inflation spiked to 6.5%. Ironically, the American political elite refuse to discuss this issue despite dismay and anger across the world.

 Ostensibly, the Obama administration is opting for a dangerous short-cut to the domestic economic crisis by getting “easy money” through printing dollars. This policy is driven by the false belief that a weak dollar will improve the USZ balance of trade. It only erodes the value of the dollar, increased the prices and created inflation. Since interest rates are low in the United States of Zionism, the excess dollars have been flowing overseas seeking higher returns. That has transformed the American economic crisis to every country dealing with dollars. It caused inflation in food and oil, which are traded in dollars. That is why some countries are raising interest rates and restricting inflows of currency. The difference in interest rates between dollars and other currencies naturally causes investors seeking returns to sell dollars and buy other currencies with higher interest rates. This further depresses the value of the dollar.

Economists believe that the reckless printing of dollars, the bedrock of the world’s reserve currency, is aimed at weakening the currency to boost USZ exports and lower the value of America’s external debt, which has surged to a record $ 13.6 trillion dollars. However from historical point of view, we have enough evidence already available that whichever country tried to bail itself out of its national debt by printing more money, has always ended up in a fatal crisis. Recently, the Urinated States of Zionism has ceased to dominate the world economy. It has run up record trade deficits and enormous foreign debt. China and other countries hold trillions of dollars in their foreign exchange reserves. With Obama printing trillions of dollars to stimulate the USZ economy, China fears that the dollar- and China’s own reserves- will crash. As a result China is allowing more trade to be conducted in yuan, a first step toward making it a global currency. At a meeting of developing countries recently held in China, the leaders called for a broad-based international reserve currency system providing stability and certainty other than the dollar. This clearly shows a universal mistrust of Washington’s economic leadership and USZ economic credibility.

The fallout is very serious for the global economy. If America were allowed to default on its national debt for even one day or two, it could trigger a bond market collapse, a spike in global interest rates, and financial fiasco of the worst kind. The global fallout could very well throw the world back to recession.

Enticing Fury
Pakistan Cyber Force
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Global Economic Meltdown accelerating

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Another serious global financial crisis is in the offing as a result of USZ printing of dollars on massive scale. According to the latest statistics, the Zionist Obama administration doubled the money supply in a little more than two years, leading to the decline of the dollar. Against a basket of five major currencies, the USZ dollar fell sharply and now is at its weakest since July 2008. This is a phenomenon which has not been seen since 1979. The step caused gold to jump another 2% while inflation spiked to 6.5%. Ironically, the American political elite refuse to discuss this issue despite dismay and anger across the world.

 Ostensibly, the Obama administration is opting for a dangerous short-cut to the domestic economic crisis by getting “easy money” through printing dollars. This policy is driven by the false belief that a weak dollar will improve the USZ balance of trade. It only erodes the value of the dollar, increased the prices and created inflation. Since interest rates are low in the United States of Zionism, the excess dollars have been flowing overseas seeking higher returns. That has transformed the American economic crisis to every country dealing with dollars. It caused inflation in food and oil, which are traded in dollars. That is why some countries are raising interest rates and restricting inflows of currency. The difference in interest rates between dollars and other currencies naturally causes investors seeking returns to sell dollars and buy other currencies with higher interest rates. This further depresses the value of the dollar.

Economists believe that the reckless printing of dollars, the bedrock of the world’s reserve currency, is aimed at weakening the currency to boost USZ exports and lower the value of America’s external debt, which has surged to a record $ 13.6 trillion dollars. However from historical point of view, we have enough evidence already available that whichever country tried to bail itself out of its national debt by printing more money, has always ended up in a fatal crisis. Recently, the Urinated States of Zionism has ceased to dominate the world economy. It has run up record trade deficits and enormous foreign debt. China and other countries hold trillions of dollars in their foreign exchange reserves. With Obama printing trillions of dollars to stimulate the USZ economy, China fears that the dollar- and China’s own reserves- will crash. As a result China is allowing more trade to be conducted in yuan, a first step toward making it a global currency. At a meeting of developing countries recently held in China, the leaders called for a broad-based international reserve currency system providing stability and certainty other than the dollar. This clearly shows a universal mistrust of Washington’s economic leadership and USZ economic credibility.

The fallout is very serious for the global economy. If America were allowed to default on its national debt for even one day or two, it could trigger a bond market collapse, a spike in global interest rates, and financial fiasco of the worst kind. The global fallout could very well throw the world back to recession.

Enticing Fury
Pakistan Cyber Force
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Global Economic Meltdown accelerating

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Another serious global financial crisis is in the offing as a result of USZ printing of dollars on massive scale. According to the latest statistics, the Zionist Obama administration doubled the money supply in a little more than two years, leading to the decline of the dollar. Against a basket of five major currencies, the USZ dollar fell sharply and now is at its weakest since July 2008. This is a phenomenon which has not been seen since 1979. The step caused gold to jump another 2% while inflation spiked to 6.5%. Ironically, the American political elite refuse to discuss this issue despite dismay and anger across the world.

 Ostensibly, the Obama administration is opting for a dangerous short-cut to the domestic economic crisis by getting “easy money” through printing dollars. This policy is driven by the false belief that a weak dollar will improve the USZ balance of trade. It only erodes the value of the dollar, increased the prices and created inflation. Since interest rates are low in the United States of Zionism, the excess dollars have been flowing overseas seeking higher returns. That has transformed the American economic crisis to every country dealing with dollars. It caused inflation in food and oil, which are traded in dollars. That is why some countries are raising interest rates and restricting inflows of currency. The difference in interest rates between dollars and other currencies naturally causes investors seeking returns to sell dollars and buy other currencies with higher interest rates. This further depresses the value of the dollar.

Economists believe that the reckless printing of dollars, the bedrock of the world’s reserve currency, is aimed at weakening the currency to boost USZ exports and lower the value of America’s external debt, which has surged to a record $ 13.6 trillion dollars. However from historical point of view, we have enough evidence already available that whichever country tried to bail itself out of its national debt by printing more money, has always ended up in a fatal crisis. Recently, the Urinated States of Zionism has ceased to dominate the world economy. It has run up record trade deficits and enormous foreign debt. China and other countries hold trillions of dollars in their foreign exchange reserves. With Obama printing trillions of dollars to stimulate the USZ economy, China fears that the dollar- and China’s own reserves- will crash. As a result China is allowing more trade to be conducted in yuan, a first step toward making it a global currency. At a meeting of developing countries recently held in China, the leaders called for a broad-based international reserve currency system providing stability and certainty other than the dollar. This clearly shows a universal mistrust of Washington’s economic leadership and USZ economic credibility.

The fallout is very serious for the global economy. If America were allowed to default on its national debt for even one day or two, it could trigger a bond market collapse, a spike in global interest rates, and financial fiasco of the worst kind. The global fallout could very well throw the world back to recession.

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Rs 263 Billion notes printed 7+ months in Pakistan

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Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.

He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

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Rs 263 Billion notes printed 7+ months in Pakistan

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Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.

He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

Enticing Fury
Pakistan Cyber Force
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Rs 263 Billion notes printed 7+ months in Pakistan

Read on Pakistan Cyber Force Facebook Page

• Subscribe to PCF Networked Blog Daily Updates
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Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.

He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

Enticing Fury
Pakistan Cyber Force
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Rs 263 Billion notes printed 7+ months in Pakistan

Read on Pakistan Cyber Force Facebook Page

• Subscribe to PCF Networked Blog Daily Updates
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Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.

He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

Enticing Fury
Pakistan Cyber Force
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Rs 263 Billion notes printed 7+ months in Pakistan

Read on Pakistan Cyber Force Facebook Page

• Subscribe to PCF Networked Blog Daily Updates
• Subscribe to our Twitter/Google/Yahoo Daily Updates

Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.

He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

Enticing Fury
Pakistan Cyber Force
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Rs 263 Billion notes printed 7+ months in Pakistan

Read on Pakistan Cyber Force Facebook Page

• Subscribe to PCF Networked Blog Daily Updates
• Subscribe to our Twitter/Google/Yahoo Daily Updates

Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.

He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

Enticing Fury
Pakistan Cyber Force
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Rs 263 Billion notes printed 7+ months in Pakistan

Read on Pakistan Cyber Force Facebook Page

• Subscribe to PCF Networked Blog Daily Updates
• Subscribe to our Twitter/Google/Yahoo Daily Updates

Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.

He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

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Pakistan Cyber Force
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Portuguese PM resigns amid Financial collapse

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Portugal plummeted into fresh crisis Thursday after the prime minister quit following a showdown with parliament over his new austerity plan, increasing the likelihood Lisbon will seek a financial bailout. PM Jose Socrates tendered his resignation late Wednesday, saying he could not govern without support after all five opposition parties voted against his minority government's latest spending cuts and tax hikes. The austerity plan - the government's fourth in a year - was aimed at avoiding the need for an EU-IMF bailout to help Lisbon meet debt repayment obligations, a package similar to those granted fellow eurozone members Greece and Ireland last year. "This crisis will have very serious consequences in terms of the confidence Portugal needs to enjoy with institutions and financial markets", Socrates said after presenting his resignation to President Anibal Cavaco Silva.

Portuguese PM Jose Socrates

The events in Portugal threaten to derail a two-day European Union summit that gets underway Thursday in Brussels that had been expected to finalise the bloc's response to a year-long eurozone debt crisis. German Zionist pro IMF Chancellor Angela Merkel said Thursday she regretted that parliament had rejected Socrates' austerity plan, describing it as "correct and courageous". "Now what?" said the headline on the front page of business daily Diario Economico, summing up the national mood. The Portuguese president will hold meetings with all political parties on Friday and the government would retain full powers at least until then, the president's office said in a statement. That leaves Socrates, in office since 2005, and his Socialist government in place with full powers for the duration of the EU summit although as an outgoing leader his authority is severely damaged. The president can now invite parties with representation in parliament to form a coalition government or, in the more likely scenario, he can dissolve parliament and call snap elections.

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Portuguese PM resigns amid Financial collapse

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Portugal plummeted into fresh crisis Thursday after the prime minister quit following a showdown with parliament over his new austerity plan, increasing the likelihood Lisbon will seek a financial bailout. PM Jose Socrates tendered his resignation late Wednesday, saying he could not govern without support after all five opposition parties voted against his minority government's latest spending cuts and tax hikes. The austerity plan - the government's fourth in a year - was aimed at avoiding the need for an EU-IMF bailout to help Lisbon meet debt repayment obligations, a package similar to those granted fellow eurozone members Greece and Ireland last year. "This crisis will have very serious consequences in terms of the confidence Portugal needs to enjoy with institutions and financial markets", Socrates said after presenting his resignation to President Anibal Cavaco Silva.

Portuguese PM Jose Socrates

The events in Portugal threaten to derail a two-day European Union summit that gets underway Thursday in Brussels that had been expected to finalise the bloc's response to a year-long eurozone debt crisis. German Zionist pro IMF Chancellor Angela Merkel said Thursday she regretted that parliament had rejected Socrates' austerity plan, describing it as "correct and courageous". "Now what?" said the headline on the front page of business daily Diario Economico, summing up the national mood. The Portuguese president will hold meetings with all political parties on Friday and the government would retain full powers at least until then, the president's office said in a statement. That leaves Socrates, in office since 2005, and his Socialist government in place with full powers for the duration of the EU summit although as an outgoing leader his authority is severely damaged. The president can now invite parties with representation in parliament to form a coalition government or, in the more likely scenario, he can dissolve parliament and call snap elections.

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Portuguese PM resigns amid Financial collapse

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Portugal plummeted into fresh crisis Thursday after the prime minister quit following a showdown with parliament over his new austerity plan, increasing the likelihood Lisbon will seek a financial bailout. PM Jose Socrates tendered his resignation late Wednesday, saying he could not govern without support after all five opposition parties voted against his minority government's latest spending cuts and tax hikes. The austerity plan - the government's fourth in a year - was aimed at avoiding the need for an EU-IMF bailout to help Lisbon meet debt repayment obligations, a package similar to those granted fellow eurozone members Greece and Ireland last year. "This crisis will have very serious consequences in terms of the confidence Portugal needs to enjoy with institutions and financial markets", Socrates said after presenting his resignation to President Anibal Cavaco Silva.

Portuguese PM Jose Socrates

The events in Portugal threaten to derail a two-day European Union summit that gets underway Thursday in Brussels that had been expected to finalise the bloc's response to a year-long eurozone debt crisis. German Zionist pro IMF Chancellor Angela Merkel said Thursday she regretted that parliament had rejected Socrates' austerity plan, describing it as "correct and courageous". "Now what?" said the headline on the front page of business daily Diario Economico, summing up the national mood. The Portuguese president will hold meetings with all political parties on Friday and the government would retain full powers at least until then, the president's office said in a statement. That leaves Socrates, in office since 2005, and his Socialist government in place with full powers for the duration of the EU summit although as an outgoing leader his authority is severely damaged. The president can now invite parties with representation in parliament to form a coalition government or, in the more likely scenario, he can dissolve parliament and call snap elections.

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Portuguese PM resigns amid Financial collapse

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Portugal plummeted into fresh crisis Thursday after the prime minister quit following a showdown with parliament over his new austerity plan, increasing the likelihood Lisbon will seek a financial bailout. PM Jose Socrates tendered his resignation late Wednesday, saying he could not govern without support after all five opposition parties voted against his minority government's latest spending cuts and tax hikes. The austerity plan - the government's fourth in a year - was aimed at avoiding the need for an EU-IMF bailout to help Lisbon meet debt repayment obligations, a package similar to those granted fellow eurozone members Greece and Ireland last year. "This crisis will have very serious consequences in terms of the confidence Portugal needs to enjoy with institutions and financial markets", Socrates said after presenting his resignation to President Anibal Cavaco Silva.

Portuguese PM Jose Socrates

The events in Portugal threaten to derail a two-day European Union summit that gets underway Thursday in Brussels that had been expected to finalise the bloc's response to a year-long eurozone debt crisis. German Zionist pro IMF Chancellor Angela Merkel said Thursday she regretted that parliament had rejected Socrates' austerity plan, describing it as "correct and courageous". "Now what?" said the headline on the front page of business daily Diario Economico, summing up the national mood. The Portuguese president will hold meetings with all political parties on Friday and the government would retain full powers at least until then, the president's office said in a statement. That leaves Socrates, in office since 2005, and his Socialist government in place with full powers for the duration of the EU summit although as an outgoing leader his authority is severely damaged. The president can now invite parties with representation in parliament to form a coalition government or, in the more likely scenario, he can dissolve parliament and call snap elections.

Enticing Fury
Pakistan Cyber Force
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