Home Random Page


CATEGORIES:

BiologyChemistryConstructionCultureEcologyEconomyElectronicsFinanceGeographyHistoryInformaticsLawMathematicsMechanicsMedicineOtherPedagogyPhilosophyPhysicsPolicyPsychologySociologySportTourism






How do people react on the situation in the country, especially crisis and political instability?

Mr. Sparrow, we’re glad to have an opportunity to see you at our studio and ask you some questions concerning the European economic slump. And our first question is. As it is known the leading European countries reached a consensus on the issue on excluding Greece from the Monetary Union. Who will be the next: Portugal, Spain or, maybe, Italy?

- Well, as I think, Greece may leave the Eurozone within the next a year and a half. The next country which will have to restructure its national debt because of its excessiveness will be Portugal, where the national debt is huge. Difficult times are waiting for Ireland, because all banks of Ireland transferred their expenses to the balance of the state. The UK national debt is at 100% of Gross Domestic Product and is expected to rise to 120%. That’ why these two countries will be obliged to restructure its national debt. Leaving the Eurozone is another history.

Wait a minute, do I understand it properly? ; is there any possibility that all these countries can quit the EU simultaneously?

I suppose, that unless Portugal implements an economic reform and restores the output, it will be a fatal error for it. It will have the same consequences next years as Greece does this year. But nevertheless nothing is yet clear. We have six countries: Greece, Ireland, Portugal, Italy, Spain and Cyprus. Each of them has its own economic and financial problems. And finally, any of these countries may be obliged to restructure its national debt or private debts

And which country, do you think, will be the next after Greece?. Any of these countries risks leaving the Eurozone, but, most likely, not at the same time. If we speak about leaving such small countries, as Greece or Portugal, it means that the Eurozone will survive. But if Spain or Italy will have to leave the Eurozone, I say “IF” what doesn’t means they will definitely leave it, it will be the beginning of the collapse of the Eurozone. Because you know, the economics of both Spain and Italy are the third and the fourth most powerful European economics respectively. But I don’t think we’ll experience such a scenario within the nearest 2-3 years. But within the further 3-5 years there will a serious probability of the final collapse of the Eurozone.

Âåäóùèå – As you have touched upon Portuguese, we couldn’t help inviting The Minister of Finances of Portuguese, Vitor Gaspar. Yees, we can read it on his face that he HAS something to say to your predictions, Mr Sparrow. Mr Gaspar, welcome to our studio.

MR. Gaspar, what could you say about the financial situation in your country? Will Portugal come through the crisis?

In May 2011, when Portugal was bailed out by the European Union troika, the two main governing parties signed a pact committing to harsh deficit and public debt targets for the next three years. The request for international financial assistance was unavoidable. I should say that the adjustment was not only urgent – it was compulsory.



Now, we again face some difficulties in the field of economy.

How do people react on the situation in the country, especially crisis and political instability?

Social tensionis growing. Anti-government protests are expressed by hundreds of thousands of people across the country. We are doing everything possible somehow to ease tension among our people.


Date: 2016-01-14; view: 835


<== previous page | next page ==>
Moving from section to section | Âåäóù. Oh, you sound so optimistic! I even felt better! Next issue, which we were to discuss is the situation in Cyprus. Can you tell us some uplifting predictions on this.
doclecture.net - lectures - 2014-2024 year. Copyright infringement or personal data (0.006 sec.)