Toward an EU Bailout Package for Portugal?

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Portugal’s failure to pass an austerity plan and slash its budget deficit led Prime Minister Jose Socrates to resign yesterday and appears to put the country on an accelerated track toward a European Union-funded bailout package. Concerns are rising that this could lead to a bailout “domino effect,” with the Los Angeles Times reporting that “if Portugal needs a bailout, investors may begin to bet that struggling Spain will follow.” A wider question involves Europe’s ability to sustain so many bailouts in the long term. But the EU may not have much choice, according to World Politics Review contributor Daniel […]

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