PCP admits that the decision of the European Central Bank exposes the “loss of monetary sovereignty” of Portugal. The communists affirm that the government measures “continue feeding the interests of the banks.”
The PCP defended this Thursday that the decision of the European Central Bank to raise interest rates exposes Portugal’s “loss of monetary sovereignty” and accused the Government of continuing to “feed the interests of the banks.”
Given this escalation in the value of housing loans that, according to the ECB, may not stop here, the measures announced by the PS government not only do not contradict their effects but continue to feed the interests of the banking sector ”, said the PCP, in a note sent to the media.
The communists allege that the Portuguese government and the Bank of Portugal are in collusion with ECB decisions which, they argue, “cannot continue to be reflected in the lives of those who have housing loans, at the same time that banks announce record profits.”
In the same note, the Portuguese Communist Party defended the “increase in salaries and pensions””, “control and price fixing”, “substitution of imports by national production” and the “end of the policy of incitement to war and sanctions” as responses to the effects of inflation.
For the PCP, more than ever, it is necessary to guarantee that the increases in the reference interest rate are supported by the brutal profits of the banks, instead of being supported by the workers and the Portuguese people, as is happening ”, he added the party
The PCP’s position was released after the European Central Bank’s (ECB) decision on Thursday to raise its interest rates by 50 basis points, despite turmoil in the banking sector.
The institution justified the decision with its determination to ensure “a timely return of inflation to the medium-term target of 2%“.
The ECB had announced its intention to decide on a further rise of 50 basis points shortly after its last meeting, at the beginning of February.
Source: Observadora
