Portugal & Ireland About to Join Greece for a Bail-Out: That Spells PIG!Submitted by SteveMT on Mon, 11/15/2010 - 18:40
Reality check: Entire countries are going bankrupt as we speak. The European Central Bank is swallowing-up country after country as they go under. The word for this domino effect is called "contagion." Our Central Bank, The Federal Reserve, is doing the same thing to us as America is also going under, drowning in debt. Neither bank cares about the stability of their own respective currency: If the Euro and/or the dollar fails in this swallowing-up process, they don't seem to care. This is a recipe for world-wide economic disaster.
Eurozone debt crisis: Portugal admits 'it could need EU bail-out'
Portugal has admitted that it could become the latest European Union country to seek a bail-out as the eurozone debt crisis deepened.
By Andrew Hough, Bruno Waterfield in Brussels, Robert Winnett and Heidi Blake 4:45PM GMT 15 Nov 2010
Fernando Teixeira dos Santos, the Portuguese Finance Minister, has warned that the fall out from concerns over Ireland's public finances could create a contagion effect among its neighbours.
"The risk is high because we are not facing only a national or country problem," he told Dow Jones news wires, in reference to the possibility that Lisbon will need international financial assistance.
“It is the problems of Greece, Portugal and Ireland. This is not a problem of only this country. This has to do with the euro zone and the stability of the eurozone, and that is why contagion in this framework is more likely.