While everyone is concentrating on Ireland's EU bailout, Portugal is quickly coming into the limelight. Just like Ireland, Portugal's government claims that they have enough money for now and will be OK because they are making big changes in spending cuts.
Reasoning for the extra concern for Portugal is that they are also having a "political crisis". Their Prime Minister lost his majority in 2009 and has had to fight for every bill passed.
They has promised to cut their 'bloated budget deficit' but in fact, their deficit has grown by 2-3 % this year.
The government is blaming financial markets and they are in turn blaming public spending.
I am curious to see what the EU will do if this trend continues. Between Greece, Ireland, and Portugal, the EU must be feeling the economic pressure.
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