Now that it is game over for Portugal we hear the same assurances about Spain that we heard about Portugal before.
And remember that Spain is already ‘too big to bail out’:
Nouriel Roubini, the US economist, said Portugal should consider asking for a bailout before its financial plight worsens as the euro fell after the €85bn Ireland bailout failed to ease eurozone debt fears.
However, he said neighboring Spain, Europe’s fourth-largest economy, is “too big to bail out.”
Unless the ECB adjusts the (unconstitutional) printing press to Federal Reserve speed.
– Portugal: The third bail-out (The Economist):
IT MAY have been inevitable, but it was a sad moment for Portugal: Europe’s oldest nation state brought low. In a prime-time television address on April 6th, after months of denial, Portugal’s caretaker prime minister, José Sócrates (pictured), at last admitted what had long been obvious to everyone else: his country needed a rescue loan from the European Union.
– Portugal bailout: Who’s Europe rescuing, and by how much? (Christian Science Monitor):
Portugal announced today that it would seek a bailout from the European Union, becoming the fourth country in western Europe to request a financial rescue package. All eyes are now on Spain, the last of the so-called PIGS (an acronym for Portugal, Ireland, Greece, and Spain, the least economically robust members of the eurozone) to not request a bailout.
– Portugal Bailout Package May Be Ready In 2-3 Weeks; Up To EUR90B – Sources (Wall Street Journal):
LISBON (Dow Jones)–Portugal’s embattled government would need as much as EUR90 billion under a bailout package from the European Union and the International Monetary Fund which could take two to three weeks to prepare, according to people familiar with the situation and euro-zone government officials. Terms of the rescue package for Portugal–which may require about EUR10 billion in June to help cover short-term liabilities–will be discussed in more detail at a meeting of EU finance ministers in Hungary beginning Friday. A formal request for aid will be submitted Thursday, said a Portuguese government spokesman.
– Portugal may seek $129 bln bailout (Independent Online)