Portugal: Troika, government blamed for 25% rise in numbers signing on

The number of people signing on at job centres in June in Portugal increased to 645,995, a 24.5% leap compared to a year earlier. That’s a rise of 127,250.

The Portuguese Communist Party described the figures as ’alarming’ and blamed them on Government austerity policies, including a rise in valued added tax and cuts in public investment in the construction sector.

Communist MP Jorge Machado the ECB-EU-IMF Troika and the opposition Socialist and governing Social Democrat Parties that last year agreed to punishing bailout conditions in return for international loans were ‘implementing recessionary measures and are responsible for a worsening social situation and rising unemployment.’

Overall unemployment in Portugal stands at 1.2 million out of a population of 10 million.

The Portuguese Government, which has been demanding rigor of the general population, announced last month it would inject more than 6.65 billion euros into two private banks – BCP and BPI – as well as state-owned CGD.

TSF