Two weeks ago President Jardim was claiming the Madeira debt did not exceed one year's budget, now he has admitted it is over four budgets. The revelations have been made due to the fact that the 'Troika' (European Bank, FMI and EU Comission) have been auditing the Madeira accounts and it was no longer possible to hide the magnitude of the debt. The audits had already uncovered a hole o 2,000 million Euro of undeclared debt. Oppostion parties fear the real debt is well over 6,000 million Euros and that there is more hidden debt that has not yet been uncovered.
The national PSD - CDS coalition government has refused to divulge what measures the international institutions are imposing on Madeira in order to reduce the debt and President Jardim himself (already taking for granted that he will be elected with a new overall majority), though he has refused to participate in any debates or reveal any measures to pay back the debt, has already stated that he will not comply with any measures imposed and has threatened to declare Madeira's independence.
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