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After Greece deal, Portugal and Ireland may be next
The second bailout of Greece may not be the euro zone’s last sovereign rescue mission. While the world’s attention is focused on Athens, at the other end of the Mediterranean, Portugal is quietly unravelling. Portugal received a €78-billion ($103-billion) bailout last spring. Since then, its credit rating has been cut to junk, its recession has deepened, its jobless rate has soared and is bonds trade at double-digit crisis levels. Only last week, German Finance Minister Wolfgang Schaeuble promised his Portuguese counterpart Vitor Gaspar that international lenders would be willing to stump up again. Caught by a ... (full story)
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