Portugal Launches Legal Inquiry into EU-IMF Austerity Policies

Now another of the world’s ‘smaller nations’ looks like standing up for its people as the might of the banks, the European Union and the IMF tries to bring them to their knees.

No doubt Spain, Greece, Italy and others will be watching very closely what Portugal now does. With the new energies rising, I expect a domino effect.

Portugal Warns EU-IMF Troika to Back Off on Austerity Demands
By Ambrose Evans-Pritchard , The Telegraph, UK – January 2, 2013

http://tinyurl.com/apvvqm2

Portugal’s president has ordered a legal inquiry into the country’s austerity policies and threatened a showdown with creditors over the draconian terms of its EU-IMF bail-out.

President Anibal Cavaco Silva called for urgent action to halt the “recessionary spiral”, warning Europe’s leaders that the current course had become “socially unsustainable”.