When MOODY'S downgraded the Portugal debt rating to the "junk bond" level, the President of the EUROPEAN COMMISSION, Manuel Barroso, himself a Portuguese national, became very critical of MOODY'S.
The downgrading was decided because there were fears that a second bail-out will be required for Portugal, just like the second bail-out which is imminent for Greece !!!
Greece is facing bankruptcy and the citizens know this. They are suffering and all the signs are that they want to overturn the current government and also all their previous leaders. The accumulated debts of what happened in the past cannot be paid for by increased taxes and measures of thrift by the suffering current majority !!!
To put it quite simply, the Greek Political Leaders of the past feathered their nests with increased pensions and salaries not only for themselves but also for civil servants. They had no consideration for the private sector !!! That is also why there is no quick fix available for Greece to solve its current problems. Greece needs to go bankrupt in order then to be able to recover.
Mr Barroso wants Greece to be bailed out, and, to be even more clear, Portugal as well if and when the question arises !!!
Mr Barroso finds himself in the unenviable situation of someone who has a conflict of interests: as President of the European Commission he expounds, lectures others, on the problem of the EURO, the same problem currently being faced by Portugal !!!
Does he have the solution for Greece, Portugal and also the E U ? What many people would like to see and hear is Mr Barroso explain how he sees the evolution of current problems and where the costs will fall, and when !!!
If Mr Barroso does not explain, any future utterances must be taken with a pinch of salt !!!
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