Portuguese Prime Minister Resigns

By:Haree Srinivasan

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Portugal

Population: over 10.5 million

President: Anibal Antonio Cavacao Silva

Former PM: Jose Socrates

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Portugal

Antonio Salazar

ruled: 1932- 1968

Portugal the poorest

country in Western Europe

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Financial Crisis

11.2% unemployment, economy to shrink 1.3%

Austerity bill was a last hope for Socrates, resigned March 23• Opposition: new taxes will hurt

Portuguese

Many protestshttp://www.elpais.com/recorte/20070702elpepiint_4/LCO340/Ies/Jose_Socrates.jpg

Issues

Confusion in Portugal

Conflict over bailouts in Europe, Euro fell

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Future Implications

Portugal needs new government, will accept bailout

Other European nations need to avoid this

Rift between thriving economies and stagnant ones

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Relevance to ClassSocrates similar to Chamberlain

Exemplifies dangers of ditatorships

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Thank You