The news that unemployment in Portugal is now at 16.9% level (above IMF and Portuguese Government predictions) and that employment levels have never been so low is a very bad sign - it results from low economic competitiveness and short-sighted financial policies. I sadly predicted that a couple of months ago ( http://www.my2centsontheworld.blogspot.com/2012/09/how-to-kill-economy-with.html ) - and believe me, I would prefer to be wrong!
The fact is the irreversible spiral that I predicted in September is now happening - and will only get worse if we don't break it. Portugal now needs the courage to deepen its unproductive public spending on Public Administration, avert from tax raises and understand how to efficiently invest using European Union funding - if we want to get out of this doomsday spiral, this is the way to do it. But we have to do it now!
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