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Euro Falls as EU Warns Portugal to Trim Spending
Here we go again. Just days after agreeing – reluctantly, it must be noted – to provide a minimum of 30 billion euros (US$41 billion) to save Greece from total collapse, senior European Union officials have issued a warning to Portugal to get its expenses under control. This comes as no surprise of course, as the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) have been under the microscope for months now, and have each received a credit rating downgrade within the past year.