Thursday, April 7, 2011
Iceland >> Greece >> Ireland >> Portugal >> ?? who will be next, Spain or Hungary?
Portugal seeks bailout (Seeking Alpha)
As with its fellow eurozone debtaholics Greece and Ireland, first there was denial mixed with anger and the pain of withdrawal symptoms, and now there's acceptance. After months of insisting to the contrary, outgoing Portugese Prime Minister Jose Socrates has bowed to the inevitable and turned to the EU for a bailout to relieve the country's crushing debt. Banks from Spain to Germany would have been heavily exposed to any Portuguese default, which could have threatened the stability of the euro. Socrates didn't say how much the government would ask for but analysts predicted it would be up to €80B ($114B). That would be bearable for Europe's finances unless other nations - notably Spain - ask for help too. Euro -0.4% vs. the dollar (7:00 ET).
READ FULL STORY HERE, and After Portugal, fears more euro zone dominos will fall; and Next Step for Portugal: Negotiating a Bailout; and