TMM Translate the Euro Commission Statement on Portugal

Team Macro Man translate the Statement by the European Commission on Portugal
As usual the original is in italics.

 Brussels, 7th April 2013

The European Commission welcomes that, following the decision of the Portuguese Constitutional Court on the 2013 state budget, the Portuguese Government has confirmed its commitment to the adjustment programme, including its fiscal targets and timeline. Any departure from the programme's objectives, or their re-negotiation, would in fact neutralise the efforts already made and achieved by the Portuguese citizens, namely the growing investor confidence in Portugal, and prolong the difficulties from the adjustment.

We are  totally stunned. Are they mad? Haven't they seen what we have done to Cyprus? At least their Government realise what it means. This is like stopping the antibiotics early, the infection is going to come back even stronger and kill them - and probably us.

The Commission therefore trusts that the Portuguese Government will swiftly identify the measures necessary to adapt the 2013 budget in a way that respects the revised fiscal target as requested by the Portuguese Government and supported by the Troika in the 7th review of the programme.

The Commission therefore make's it abundantly clear. Identify what went wrong, eliminate the problem and continue taking the foul medicine in the doses prescribed by Dr. Troika.

Continued and determined implementation of the programme offers the best way to restore sustainable economic growth and to improve employment opportunities in Portugal. At the same time, it is a precondition for a decision on the lengthening of the maturities of the financial assistance to Portugal, which would facilitate Portugal's return to the financial markets and the attainment of the programme's objectives. The Commission supports that such a decision be taken soon.

Continued and determined implementation of the programme is your only choice as the only other people willing to lend to you will have names like "Big Joe" and interest rates that make payday loans look like Japanese monetary policy. You have twenty seconds to comply. (See annex 1)

The Commission will continue to work constructively with the Portuguese authorities within the parameters agreed to alleviate the social consequences of the crisis.

The Commission will continue to work constructively with the Portuguese authorities and if things get tougher we will be sending aid. Namely 17,000 portions of Ikea Moose Lasagne we found going cheap (or rather "oink"). After that, any alleviation of social consequences will probably involve water-cannon.

The Commission reiterates that a strong consensus around the programme will contribute to its successful implementation. In this respect, it is essential that Portugal's key political institutions are united in their support.

If you all agree to this it will be easy. If you don't then, well, you remember "Robocop"? We once again suggest that you comply within twenty seconds.

Annex 1 - Eurogroup Plan for necessary adjustments to indebted European countries threatening to disrupt the success of the Eurozone as implemented with Mr Kinney Cyprus.

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Vasastan
admin
April 8, 2013 at 12:01 PM ×

Aah...movies were just better back then.

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Gus
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April 8, 2013 at 3:58 PM ×

"My policies are based not on some economics theory, but on things I and millions like me were brought up with: an honest day’s work for an honest day’s pay, live within your means, put by a nest egg for a rainy day, pay your bills on time." -- Margaret Thatcher, September 1981 interview, R.I.P.

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Anonymous
admin
April 8, 2013 at 4:23 PM ×

^ Thank goodness, because putting a pop star in charge of a mental hospital wasn't anywhere in my econ 101 text book.

]Hope this 'ceremonial' funeral is contracted out to G4S.]

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Anonymous
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April 8, 2013 at 5:01 PM ×

C Says,
Maggie,Bon Voyage. Loved you to bit's ,but your economics were crap.
I was brought up with the same messages has Maggie,and for probably the first 25 years, or so, I believed those 'pearls of wisdom'. Then I really grew up,and started to learn what makes the wheels of life go round,and realised those messages were bordering on the silly and inane if you had any ambition.
They are no more sense than those shouted to the troops in the trenches,"up and at them boys',for Queen and country boys'. Meanwhile somewhere well out of firing range the real action is happening according to the real messages in life.
I would much rather take the messages of jobs...rules were made by somebody no different to you..feel free to break them etc etc.The messages of Maggie are a societal construct really that work to preserve a kind of social order.By contrast Jobs is about testing those constructs ,breaking them where appropriate and seeing what happens.

Final word,Maggie when you get the gates of heaven try and jobs and break your rule for life,beocme that "Lady who is for turning" just to see what happens ;)

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rp
admin
April 8, 2013 at 9:02 PM ×

exactly, as above. People seem to think that being uncompromising is in itself a virtue. I would call it borderline autistic. An inability to deal with ambiguity and life's shades of grey is the defining mark of any extreme right/left politician.

I was reading the obituary of Gordon Richardson the other day, this was in the comments section:

"Whenever I read the obituary of someone who was disliked by Margaret Thatcher I think; 'Here was a true Englishman.' No greater praise, I think."

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Leftback
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April 8, 2013 at 9:19 PM ×

Maggie, RIP... the grocer's daughter from Grantham with a Chemistry degree from Oxford.

Well, to start with she was right about keeping the £. I think we can all give her that one.

Someone had to break inflation, and interrupt the wage-price spiral. We didn't have Volcker on hand.

Smashing the Argentinian fascist junta also good, even if the methods were unnecessarily warlike.

But the social costs of union-busting were so high. South Eastern UK lived high on the hog of all the privatization as Maggie did a great job of enriching Denis's mates in the City. The North East, Merseyside, Northern Ireland didn't fare quite so well. Social and racial divisions were amplified in the Thatcher years, and the bitterness lingered for years.

LB himself is a Thatcher refugee, graduating into the early 80s recession and taking his dubious talents across the pond to find his fame and fortune in Reagan's land of milk and honey. Thanks, America, for the opportunities. Now can we pull the plug on this sham called Crony Capitalism?



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Anonymous
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April 9, 2013 at 7:29 AM ×

http://www.youtube.com/watch?v=9Jn8K8EA7-Q

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Anonymous
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April 9, 2013 at 10:13 AM ×

C says'
Reports have come in that an asteroid will collide with the earth within the next 24 hours.Human life has we know it will become extinct.

The Dow futures immediately shed 200 points,but ended showing slightly up on the day at the prospect of further growth in Q2 13

Mrs Wantabe bought French 10yrs pushing the yield down to -15%.

The Troika scheduled an immediate visit to Portugal to resolve recent issues that threaten to overturn the austerity measures in force.

Maggie has risen on the third day and is busy putting together a task force to deflect the asteroid and protect the whole of humanity.
At the core of her plan will be miners who intend to deploy a nuke on the surface of asteroid.The miners are asking for a rise ,or they will strike.

The Argentinians object to plans for the asteroid claiming it's falls within their territorial airspace.This is a technicality as the point of impact is calculated to be downtown Buenos Aires.

Wolfgang Schaeuble has issued a message to the asteroid that "he will not be intimidated".

Fran├žois Hollande has declared that the asteroid may not enter the earth's atomosphere unless it is willing to pay a space tax on each KG over 1000.

Berlusconi has untaken the task of seeing if the asteroid contains any signs of female life.

Angela Merkel expressed severe doubts over whether the asteroids' business model would survive the impact,but as it fell outside of Europe had no qualms over it's ability to become an offshore financial centre for wealthy Brazilians.

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Anonymous
admin
April 9, 2013 at 11:16 AM ×

C says
FTSE leaderboard full of miners.The lagging sector and the first sector usually bought on QE.
Not impressed.

Good article in FT Alphaville today on Japan and QE.

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