Say NO to bailing out Portugal

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They ran up huge structural deficits, just like Labour in the UK - but with the additional deadening weight of the euro.

They have decided not to implement austerity measures - let them pay the price. Their borrowing rates are soaring; meanwhile in the UK, thanks to the confidence of the markets in the Osborne plan, our borrowing rates are more or less the same as Germany's.

The Portuguese have choices. They can leave the euro, for example, and naturally devalue until they become competitive. If their politicians choose not to leave the euro, let the people of Portugal who elect them pay the price - certainly not British taxpayers.

Write to your MP TODAY to insist we don't bail out Portugal!

Stripey. But the difference between Portugal & Ireland is that you guys have tried so so hard to stay afloat and have swallowed some incredibly bitter medicine.

In that context as "friends" within the EU, if we can, we should help you out.

Portugal are still living in denial.

But didn't Ireland impose the medicine imposed by the bailout? How much medicine did Ireland impose before they were bailed out? I can't remember. Portugal will also have to do what they are told to meet the conditions of the bailout?

well, bemybebe, in ireland's case:

The UK lent Ireland £3.25 billion directly at an interest rate of 5.9%, with the remainder of the loan incorporated in to the Eurozone's bailout at an average interest rate of 5.8%.

Ministers hope the UK will make £400 million from its bi-lateral loan to Dublin. Chancellor George Osborne previously insisted it was necessary given the strong links between the British and Irish economies.

If Ireland meets its payments, it will pay off the £72 billion loan by 2018.

(from here )

claig - it was like a long, slow car crash, with an election slowing down the process of punishing us, and it's being eked out over a few years, presumably in the interest of not causing actual riots, but today, for example, the word is the miserable gesture at financial support we provide for carers is to be slashed, staff cuts in the health service as well as massive funding cuts for health and education have been reiterated, planned public transport projects binned postponed - why on earth i listened to the news today escapes me...

Yes it is terrible and people suffer. I can only hope that somehow it will get better. I am not convinced it is all necessary. They say we have no money, so they cut us, then they find money to bail out Portugal etc., and as you say a profit is made anyway. Somebody is profiting but not the people of Europe.

The Portuguese government has also collapsed and there will have to be an election there. It is running to a very similar script to Ireland, it seems.

They have told us to expect a drop in living standards and a reversal of children doing better than their parents. They have thrown the train of progress into reverse gear and are steaming backwards into the barrier. Who is driving the train and why are they doing it? Once they said "you've never had it so good", now it's "you'll never have it so bad". And it's happening in nearly every country, it's running like clockwork. It's on track and heading to its miserable destination.

And what caused it all? The people who looked the other way and ignored the warnings, the people who fiddled while derivatives burned and the bankers played their cards and stacked high their bonuses. Then they said we have to save the gamblers in the gambling dens because they have gambled with all our futures. Did we really have to when it meant that we would be in hock to them forever? Then they told us it wasn't even the bankers' fault, apparently it was our fault. The poor people of Atlanta over extended themselves and should never have bought those boarded up condominiums. Someone's having a laugh, someone's eating the fatted calf.

That falce e martello t shirt's in the post claig!

This whole situation reminds me of this

I think some people are being too critical of Portugal, the Portugese Government did its best but it was a minority Government so could never implement the policies needed to restore confidence of the bond markets that it could pays its debts.

Does anyone have any clue what will happen when this whole shambles comes crashing down? Bailout after bailout, Quantitative easing, it can't go on forever really can it?

I think that Portugal will be the last country to ask for help. I also don't think we will we see much more quantative easing in Europe.

I hope Portugal will be the last country. Though Spain and Italy are queuing behind, it does not look inevitable at the moment.

Italy has already been bailed out, as has Greece, Ireland and other countries. Now that Portugal needs bailing out it is almost a sure bet that Spain will soon follow suit.

I can only hope that this is the start of the end of the euro .... Keys get out of the EU now. We are the only country who puts in more than they get back .... And it is going to get worse with other countries like Turkey and eastern European countries joining.

Our country is screwed up enough and we can't afford to spend xx million per day on being part of the EU.

Plus bailing out countries is illegal under the Maastricht treaty .....

Italy bailed out?? Have I missed these massive news?
Why do you want the end of the euro?

Italy hasn't been bailed out, as far as I am aware.

The death of the euro would be a fantastic day - it would be the death knell for the idea of Europe as a federal nation state.

The EU could go back to being a free trade zone, without a president and foreign minister.

Neither Italy, nor "other countries" apart from the three mentioned 1000s time have required 'bailout'.

The death of euro will bring total chaos into Euroland, banking crisis will seem like a walk in the park for the UK economy in comparison. Strange thing to wish. Not to say that euro needs some sort of reform and some countries may not stay within the zone. My opinion. Unless I do not understand what you mean by "death".

If by Foreign Minister you mean Cathy Ashton, I don't think she deserves the title. The EEAS is a shambles and she buggers off back to UK each weekend anyway.

"Not to say that euro DOES NOT need some sort of..." sorry, in a hurry as always

'We are the only country who puts in more than they get back .... And it is going to get worse with other countries like Turkey'

But we want Turkey in. Cameron is backing Turkey, unlike France and Germany. Why is that?

www.dw-world.de/dw/article/0,,5844962,00.html

My bad, Italy has not been bailed out but instead their gov issued new bonds and renegotiated loans etc, and in this climate, adding to the already high debt is deadly.

Greece was bailed out last year.

Spain and Italy are classed as bigger players than countries like Greece and Portugal. Therefore if Spain was to require bailing out then it is a whole different ball game due to extent of finances required.

I'm not sure the EU would be able to bail out Spain, let alone Italy. There was no money in the first place and Spain's & Italy's debts make Ireland, Portugal & Greece, look like peanuts.