"Am I therefore become your enemy,because I TELL YOU THE TRUTH...?"
(Galatians 4:16)

Thursday, May 13, 2010

Portugal announces more austerity measures

LISBON-Portugal on Thursday ordered deep wage and spending cuts and higher taxes to slash the public deficit by more than half as Spanish unions called strikes against public sector wage cuts.As governments stepped up their war on debt, German Chancellor Angela Merkel warned that the whole European Union would be under threat if the euro was allowed to fail in the debt crisis. But global shares mainly rose as markets took cheer from efforts made so far by governments to control deficits.After Greece's financial turmoil and debt downgrade to junk status, international attention has turned to Portugal and Spain, which have also had their debt ratings lowered....

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