Bailouts will not drive the eurozone or the EU through the floor – but both will need running repairs.
Yesterday, Dublin. Today, Lisbon. Portugal’s caretaker government now has to choose between going for a bridging loan, for which no fund or mechanism yet exists, or negotiating a bailout of anywhere between €70bn (£61bn) and €80bn. Whoever Portuguese voters choose in June’s election, their true boss will be a German, Angela Merkel, whose government will be writing the terms of the loan. If the examples of Greece and Ireland are anything to go by, it will not make pleasant reading.
Πηγή: The Guardian