Portugal’s Prime Minister Jose Socrates announced he’s stepping down today, after all five opposition parties in his country voted against the government’s plan for spending cuts and tax hikes. Socrates is a member of Portugal’s Socialist Party -- although it’s the largest party in his country’s parliament, it doesn’t command a majority on its own. Ironically, the most significant defection was from the country’s center-right Social Democratic Party which warned further cuts would hurt the weakest members of Portuguese society. Investors and economic policy makers across the Eurozone are watching Portugal closely, fearing a fiscal crisis there could spread to other countries. Joining us to discuss the situation is Richard Wolff, professor of economics emeritus at the University of Massachusetts - Amherst.

Richard Wolff is professor of economics emeritus at the University of Massachusetts - Amherst. Starting this Saturday, he’ll be hosting a new radio program called Economic update. It debuts at 12PM Eastern on Pacifica radio station WBAI in New York (wbai.org).

Permission to reprint Professor Wolff's writing and videos is granted on an individual basis. Please contact profwolff@rdwolff.com to request permission. We reserve the right to refuse or rescind permission at any time.