The P in PIGS Has Their Debt Rating Slashed

Portugal’s debt rating was just cut by Moodys to junk status. Naturally, the only thing to do is cut social spending and start aggressive privatization:

The new government has also shelved several infrastructure projects, including a new high-speed train link between Lisbon and Madrid, as well as pledged to speed up the privatization of state-controlled companies.

A critical step in socializing debt & privatize profits.