Portugal At Risk For Second EU Bailout

Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

Portugal’s prime minister is warning that unless deep cuts are made to social security, health, education and public programs the nation could be facing a second bailout from the European Union.

Prime Minister Pedro Passos Coelho said the country is facing a “national emergency” and that because the Portuguese Constitutional Court struck down 1 billion euros in savings that were required to meet existing bailout conditions there was no choice but to cut in areas like welfare.

Complicating the problem is the record high unemployment in the country. The current unemployment rate of 19% has forced the highest level of people on welfare in the country’s history.

“We are still not out of the financial emergency which placed us in this painful crisis,” Passos Coelho said. He said that raising taxes is not an option after the significant increases already in place with the current budget.

“The last two years have financially crucified the population,” a business owner told the BBC.

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