Blog #7 Portugal's Debt

October 15, 2011

                Portugal is currently facing a debt crisis. Many people are living above their means and are not able to pay off their school loans. Even those who have earned their degree have a degree but no job to show for it. A few of the people interviewed stated that this would not be the worst of the crisis. That many of the wealthier people have not and will not even notice because when they are taxing 15% of their income it comes out to virtually nothing. They state January is when the crisis will become the worst because housing, gas, public transportation, bread will be at an all-time high once again.

                A lot of students can barely afford to pay their rent. Minimum wage is €485 and a one bedroom in Lisbon can cost up to €400 and it is steadily rising. After paying their rent they will have to struggle and a lot of the residents state that they are used to giving up things and living on less. At the same time there is a point where it is too much… One lady had an ovarian cyst, the hospital told her they could not afford an anaesthetic so she had the option of biting onto a towel during her surgery and not once did she ask for a person in management to debate them on her options. She just did it. Also, people are still spending money as if nothing happened and just putting it onto credit cards. This is not going to help the country at all because those who struggle will continue to struggle and those who are not affected may not be affected at all or it will take a while for them to feel it.

                Many places in Portugal were once thrifty and now certain areas have more because the people make more income. A lot of people wait for Christmas bonuses in order to get what they need, where as in other portions they can buy expensive cars and sunglasses any time any day because they are not in this crisis. Those bigger cities, in my opinion, should be helping out. There is no reason why a woman should have to pass up something that should be provided for her because they can’t afford it while others are buying hundred dollar shades. In some countries if they raise the price on school lunches children won’t even be able to eat and that is definitely a problem.