Tuesday, May 3, 2011

Portugal gets its Bailout

Within the last hour, Portugal got its bailout from the EU and the IMF. Portugal said it would have run out of money within the next month.

BBC Link Here

I will post more links as more information comes available.
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4 comments:

  1. BethMay 3, 2011 at 2:52 PM

    Well this will be interesting in the debate tonight...

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  2. Becky McLaughlinMay 3, 2011 at 10:04 PM

    I just saw this. I wish we could have talked about it in class tonight. Does anyone know just how close Spain is to being in the same situation as Portugal? I know the article briefly mentioned it but nothing specific. If they are going to need a bailout then the EU is in trouble.

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  3. MattMay 5, 2011 at 12:17 PM

    This would have been an interesting topic to discuss during class on Tuesday. It's scary to think that Portugal was so close to running out of money... kinda sounds like the US. This just reminds me of the global impacts this can have because of the global economy that we now live in. I personally don't know Spains situation, but does anyone know if other EU members are also in the same situation financially?

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  4. Ankur JainMay 10, 2011 at 6:26 PM

    I was interested in what some of the stipulations of the bailout were. In return for financial help from the European Union and the International Monetary Fund, Portugal must slash its budget deficit from 9.1% of GDP to 5.9% this year, and then reduce it to 3% by 2013. I also found it funny that the news of the bailout boosted euro and bond markets. It made me think of what the impending crises and bailouts of Ireland, Spain, and Greece would do to the same markets. I am also skeptical because the situation in Ireland seems to be getting worse.

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