Wednesday, April 06, 2011

Who would have possibly thought Portugal...

would do THIS?

Self explanatory. Nothing changes.

Portugal will seek a bailout from the European Union after the nation’s political crisis helped push borrowing costs to record levels and forced it to become the third euro-region country to need rescuing.

“I tried everything but we came to a moment that not taking this decision would bring risks we can’t afford,” Prime Minister Jose Socrates said in a televised statement from Lisbon late yesterday. “The government decided to make the European Commission a request for financial aid.”

Portugal is aiming for a package that may be worth as much as 75 billion euros ($107 billion), according to two European officials with knowledge of the situation. Bond yields have surged since Socrates offered to resign March 23 after parliament rejected proposed budget cuts, leaving him in charge of a caretaker government with limited powers until a June 5 election.

Socrates, who leads the Socialist Party

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