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“We Don’t Need A Bailout… We Don’t Need A Bailout…Uh, We Need A Bailout”: Portugal Admits To Needing EU Rescue

Posted By admin On April 7, 2011 @ 5:21 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
April 7, 2011

Update: It’s Official. Portugal is Bankrupt: Portuguese finance minister says the country will have to use European Union mechanisms to resolve its debt problems.

In the biggest shocker to come out just hours before the ECB’s announcement tomorrow, which many see is a guaranteed rate hike, Journal de Negocios has just announced that according to the Portuguese Finance Minister, the country needs a bailout, after weeks and weeks of Greece-style denials. And yes, nobody could have foreseen this, and all that jazz.

From Negocios [2]:

The Minister of Finance considers that Portugal has already asked for help. In a written response to questions raised by the Business, Fernando Teixeira dos Santos said that “it is necessary to refer to available funding mechanisms in the European framework“.

and more:

Fernando Teixeira dos Santos believes that Portugal needs to ask for help, a set of questions in writing.

Business: Portugal must now ask for help as they appeal the bankers and economists in general? The debt that you have to pay in a year do not worry you?

Fernando Teixeira dos Santos: “The country has irresponsibly pushed a very difficult situation in financial markets. Given this difficult situation, which could have been avoided, I think it is necessary to refer to available funding mechanisms in the European context as appropriate to the current political situation. This will require also the involvement and commitment of major forces and political institutions.”

Greece…Ireland… Portugal… Hello Spain.

In the meantime, the Greece short end is trading inside Portugal.

We Dont Need A Bailout... We Dont Need A Bailout...Uh, We Need A Bailout: Portugal Admits To Needing EU Rescue  Curves%204.6 0 [3]

Oh, and we can’t wait for the rate hike tomorrow.

Stock up with Fresh Food that lasts with eFoodsDirect (AD) [4]

We Dont Need A Bailout... We Dont Need A Bailout...Uh, We Need A Bailout: Portugal Admits To Needing EU Rescue  260310banner2 [5]


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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/we-dont-need-bailout-we-dont-need-bailoutuh-we-need-bailout-portugal-admits-needing-eu-rescu

[2] Negocios: http://www.jornaldenegocios.pt/home.php?template=SHOWNEWS_V2&id=478019

[3] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/bernanke/Curves%204.6.jpg

[4] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[5] Image: http://purewaterfreedom.com/

[6] IMF Will Work on Portugal Bailout Plan With European Union: http://www.prisonplanet.com/imf-will-work-on-portugal-bailout-plan-with-european-union.html

[7] Portugal raiding pension funds could be sign of things to come in U.S: http://www.prisonplanet.com/portugal-raiding-pension-funds-could-be-sign-of-things-to-come-in-u-s.html

[8] EURO CRISIS ON: Portugal Crashes After Finance Minister Resigns: http://www.prisonplanet.com/euro-crisis-on-portugal-crashes-after-finance-minister-resigns.html

[9] Could The Financial Crisis Erupting In Ireland, Portugal, Greece And Spain Lead To The End Of The Euro And The Break Up Of The European Union?: http://www.prisonplanet.com/could-the-financial-crisis-erupting-in-ireland-portugal-greece-and-spain-lead-to-the-end-of-the-euro-and-the-break-up-of-the-european-union.html

[10] Nightmare vision for Europe as EU chief warns ‘democracy could disappear’ in Greece, Spain and Portugal: http://www.prisonplanet.com/nightmare-vision-for-europe-as-eu-chief-warns-democracy-could-disappear-in-greece-spain-and-portugal.html

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