Bulletins and News Discussion from March 11th to March 17th, 2024 - It's Eurover - COTW: Portugal

Image is of Portuguese parliament (specifically, during a session in which they recognized the Nakba, in July 2023).

This year really is just gonna be us swinging from election to election, I suppose. I feel Lenin's beaming red eyes on me.

Up next on our electoral tour is Portugal. The current government - a coalition of the center-left Socialists and the center-right Social Democrats - has been mired in corruption scandals, resulting in a general election being called a mere two years after the last one. The fascist and vaguely populist Chega party has gained significant support over the last two years due to the economic hardships. Yesterday, the Social Democrats secured a narrow win of 79 seats compared to the Socialists' 77. Chega, in third place at 48, would appear to be the best candidate for a coalition, though the leader of the Social Democrats has said that they would refuse a coalition with them due to their xenophobic views. Regardless, the fascist surge is worrying, if expected.

Portugal's economy is going pretty badly even as European countries go, with little growth in productivity or investment over the last decade. The origins of this crisis date back to Portugal making the euro their national currency in the early 2000s, thus surrendering their ability to control their own currency, becoming reliant on investment from Germany and France, and suffering greatly in the 2012 European debt crisis. Unemployment and low wages spurred emigration; in 2013, the youth employment rate was about 40%; this has only come down to 25% recently and is increasing again. The government is heavily reliant on debt for public spending, with a debt-to-GDP ratio skyrocketing to over 100% in the two decades since the turn of the millennium. The capitalist sector is simply not profitable enough and hasn't been for 40 years, which is only a problem if you are a capitalist economy. For more on the Portuguese economy, check out Michael Roberts' recent analysis, from which I obtained a lot of this information.

Inside Portugal is the same story playing out across much of Europe. A failing center or center-left political party, unable to cope with the economic troubles of the last few years due to absolute obedience to neoliberal policies. A fascist party rising, but with no alternative economic plan, hoping that perhaps oppressing minorities and going after "wokeism" will make their God, The Economy, rain blessings down on them again.

The COTW (Country of the Week) label is designed to spur discussion and debate about a specific country every week in order to help the community gain greater understanding of the domestic situation of often-understudied nations. If you've wanted to talk about the country or share your experiences, but have never found a relevant place to do so, now is your chance! However, don't worry - this is still a general news megathread where you can post about ongoing events from any country.

The Country of the Week is Portugal! Feel free to chime in with books, essays, longform articles, even stories and anecdotes or rants. More detail here.

The bulletins site is here!The RSS feed is here.Last week's thread is here.