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Portugal Bail-out

Portuguese Bail-out 6 April 2011

The Financial Crisis of 2008 is still affecting the Portuguese economy severely, causing a wide range of domestic problems specifically related to the levels of public deficit in the economy, as well as the excessive debt levels, soaring up to at least 223% of Portugal's GDP. Nonetheless, the government faces tough choices in its attempts to stimulate the economy, while attempting to maintain its public deficit around the EU average.In April 2011 Portugal Confirmed it will have a EU Financial bail-out from the European Union worth 80bn Euros ($115)(£70bn) Following Greece and the Republic of Ireland. It has been predicted that the Portuguese economy will not significantly recover until 2012.From BBC News 6 April 2011 Last updated at 21:00 Portugal becomes the third eurozone country to request financial aid from the European Union, after admitting it had missed its deficit target.Portugal calls for EU financial bail-out Portugal's caretaker prime minister Jose Socrates has said that he has asked the European Union for financial assistance. Mr Socrates said the country was "at too much risk that it shouldn't be exposed to". The government has long resisted asking for aid but last week admitted that it had missed its 2010 budget deficit target.Portugal follows Greece and the Irish Republic in seeking a bail-out."I always said asking for foreign aid would be the final way to go but we have reached the moment," Mr Socrates said. Above all it's in the national interest."He did not say how much aid Portugal would ask for. Negotiations will now be underway and the BBC's business editor Robert Peston said rescue loans could amount to as much as 80bn euros ($115bn; £70bn).Mr Socrates was speaking after Finance Minister Fernando Teixeira dos Santos said it was necessary to resort to financial aid from the EU.Earlier, the government raised about 1bn euros after tapping the financial markets in order to repay loans, but will have to pay a higher interest rate to lenders.The country's cost of borrowing has risen sharply since the minority Socialist government resigned last month after its proposed tougher austerity measures were defeated in parliament.

The chart for Portugal has been taken from Nick Campion's 'Book of World Horoscopes' and is set for 25 April 1974, 17.15 CET Lisbon.The transits of the planets in their orbits have been making some quite difficult aspects to the Portuguese natal chart since the start of the economic crisis in 2008. Firstly, Pluto was conjunct the I/c followed by an opposition to natal Saturn conjunct Mars. This aspect activated the natal square. It suggested a difficult time ahead relating to the financial security and stability of the country, to the point of rendering them powerless to stop its decline.Then tr Saturn opposed natal Venus in 2009, which suggests financial restriction. Followed by the natalPluto-Saturn-Mars square being aspected by tr Saturn and Pluto. This really is one of the most difficult transits and was made more difficult still by tr Uranus joining in June 2010 at 0 degrees Aries, from where it squared natal Saturn at 0 degrees Cancer, causing changes and disruptionwithin the government.After its retrograde motion Uranus has now returned to 0 degrees Aries and is set to continue on its journey of insecurity and change. L.S.









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