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-- they elected a conservative government and the guy came -- I remember.
-- austerity stuff we're gonna lower input taxes on businesses so they can actually hire people in -- -- or raise their obligations of regular people just a little bit for their own social security and things like that in that everyone -- that was by the year ago.
It's gotten worse and outdated now the -- is quitting at this it's just a term that's.
It's a pure -- but one of the things that we tend to forget that portable was amassed before.
The crisis hit I mean it it had negative growth.
That brings me to the point all of these places were Mets right I mean that they also -- breaks and that's come that this sort of social lives social welfare states and the idea that OK some of them -- -- will elect someone who's a little bit more conservative Spain did that Portugal that that but the citizens have become so used to the handouts.
That they still aren't willing to do what it takes to get the right to show.
The good thing we forget about particle -- -- poor country -- in countries like France Spain Italy you're right they're massive they're total mask but.
There actually rich countries I mean.
Portable has agriculture.
-- them vacation homes.
Is is become obsolete because of China has pretty much do you -- -- the pilot that.
Bernie can you report -- -- and Monica and Chara also mentioned as we see the Portugal bond yields spiking higher than 10% did not say hey wait a second the bond vigilantes are now out and going after Portugal.
Will there be a spillover effect into other markets and not just talking a club med markets right I'm not talking Southern Europe.
Any other region in Europe what do you think.
Yes -- -- it will hat there will probably be a spill over the question is.
How are they an exact I think an act -- Entirely informally from the Euro zone and then you can expect that they will be consequences or are -- money to a Cyprus type.
-- -- is.
Well they'll exit -- With some capital control.
And and and they will.
Not trade at heart but pretend there is done that and they -- -- it's very hard to predict.
-- one of the thing that's short and that it's not good and well for Portugal it's just not going to they have no way to repay their debt.
And -- I think that -- to think about it they they wouldn't be getting any help from the European for a.
But even the richest countries in the world have a limits you know and I and I think this is the lesson for Americans watching -- show you -- you talk about Spain France and these other countries.
The same mentality is in place at some point that mentality.
Living off someone else's dime.
You run out other people's money and you crack you hit a brick wall consider whether that's gonna happen to all these countries no matter how how big they are right now.
I mean I totally agree listen -- I think it made a living.
-- making that exact point in saying that it needs to stop and obviously.
Portable is gonna fall faster because they're not -- rich country it's gonna take longer for -- untrue that it's inevitable.
I'm getting the -- in the book I just one -- real quick answer from you.
Do you think the people there have to suffer the worst consequences before they have their -- -- -- could happen before.
I hope it happens before but it's hard to it's hard to -- that we did they did -- stubbornly and not just -- ball.
Committed to this way of -- Which is unsustainable it's a great way literally did show a lot of moments -- come to -- -- wanna get -- technical although one of my favorites over stock dot com.
Taking a hit today were this year -- at all.
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