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Oh they are not paying for it right now... they just run up huge deficits every year to be paid by future generations.
I can tell you Guil, there is no way you will pay for that lot with 50% taxes.
Let me quote you from this...(I will give you the source of it if you wish, it's from eubusiness.com).
Quote...
Portugal slashes budget deficit
11 October 2007, 21:37 CET
(LISBON) - Portugal will have slashed its budget deficit to three percent of output this year from six percent thanks to two years of drastic belt-tightening, Portuguese Prime Minister Jose Socrates said Thursday.
"Portugal will put its public finances in order one year ahead of schedule. In two years, we passed from six to three percent," Socrates said.
If it achieves in cutting the deficit to three percent this year, euro zone member Portugal will have managed to lower the shortfall to within the limit of three percent set out in European rules.
"We will no longer belong to the list of countries with excessive deficits and that is big news for the Portugese economy," Socrates said.
Socrates's leftwing government has applied two years of shock therapy to the Portuguese economy including drastic and unpopular reforms of the civil service and an increase in the retirement age to 65. It also hiked taxes across the board including value-added tax (VAT) and fuel duties.
In 2008 it is aiming for a budget deficit of 2.4 percent in 2008. The government also aims to cut public debt as a proportion of output to 64.4 percent this year from 64.8 percent in 2006.
"The government will maintain a hard line and budgetary discipline, essential factors for the future of the country, but the 2008 budget will also focus on growth (and) ... an increase in public spending," Socrates said.
..unquote.
So public debt is at 64% as a fraction of output.
...and likely to worsen, by the time they have paid all those things you list. Guil, Europeans are absolutely nuts for doing this. They promiise the earth (tomorrow) if you vote for them, then they let your children pay for it.
So the Americans get less than you do?
I wonder why?
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