In Portugal, All-Out Privatization Gets Underway

[xchrom]

http://www.commondreams.org/headline/2011/12/23-0

The Chinese company paid 3.5 billion dollars for a 21 percent stake, beating out Germany's E.ON and Brazil's Eletrobras and Cemeg, and making it the largest shareholder. The state was left with less than four percent of the shares in the power company.

Three Gorges' victory in the bidding for EDP will open Portugal's doors to Chinese financial institutions, making more credit available in Portugal, as the giant Chinese corporation promised Lisbon.

The privatisation of public enterprises is one of the conditions Portugal agreed to under the 110 billion dollar bailout agreed in May.

The government of conservative Prime Minister Pedro Passos Coelho has thus begun to sell off state assets under the austerity programme agreed with the "troika" of international creditors: the EU, the European Central Bank, and the International Monetary Fund.



*** this is happening to us as well - i realize every one knows that -- but i think it should make us all very fearful.

[tabatha]

1. Portugal, you are fucked.

Corporations can do what they want.

[marmar]

2. Tragically predictable.

The Bankster vultures will be doing this all over Europe.

[xchrom]

3. all developed western countries.

extraction is the order of the day -- and there are all kinds of ways to extract.