Portugal Exits the IMF But No Change in Austerity

Russia TV, May 19, 2014 (52 sec)

Dr. Jack Rasmus explains how Portugal's announced exit from IMF borrowing results in no effect on the real Portuguese economy. Austerity policies for Portugal households continue. Having declined 0.7% in the first quarter 2014, GDP will continue to stagnate or fall, and unemployment, already officially 16%, will continue and deflation will deepen. 300,000 portuguese having left the country will not likely return anytime soon, Jack notes, as the Eurozone economy itself continues its drift to stagnation.