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Reply #22: Only German pain can solve euro crisis [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-25-11 07:13 AM
Response to Reply #7
22. Only German pain can solve euro crisis
http://www.guardian.co.uk/business/economics-blog/2011/...

Portuguese strikers are giving a helping hand to Lisbon's negotiators in Brussels. It may appear that angry protests are the last thing president Anbal Cavaco Silva needs before an austerity budget vote next week.

But Cavaco Silva knows, like the rest of Europe, that his country is bust if it slavishly follows the Brussels line of spending cuts. And industrial unrest allows him to demonstrate that the situation is already so volatile that further austerity measures might be a touch tricky to push through.

His government has made it clear to Germany's chancellor, Angela Merkel, and the head of the eurozone's finance ministers' group, Jean-Claude Juncker, that debt forgiveness is the only way to rescue his country.

In other words, Portugal needs the same level of bailout as the Greeks.
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