Sunday, December 12, 2010
Socrates Says Portugal Does Not Need IMF Aid
The Prime Minister of Portugal, Jose Socrates, said that Portugal's government has the ability to deal with its budgetary problems and they do not need help from the IMF. Furthermore, the IMF has not pressured Portugal to request aid. In my opinion, this is because Portugal doesn't have anything of value capable of being exported cheaply through premature privatization (like mineral extraction in Latin American countries).
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I agree that a probable reason that the IMF has not pressured Portugal for aid is because there would likely be little return in the investment in the way of exporting resources or material, as in Latin America.
But my question, mainly to Portugal, is if they can get the aid, and quite possibly do need it, why not try to obtain some extra help? I look at Ireland and Greece as examples of receiving help, and so far it seems to have been helping them. These countries have very little to export out to the rest of the world, as would Portugal, but they still received billions in aid.
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