Saturday 3 December 2016

A bailout for Portugal still won't mean an end to euro's troubles

Sean O'Grady

Published 08/04/2011 | 05:00

Anti-austerity protests in Madrid yesterday. If Spain goes the way of Portugal, the euro is finished
Anti-austerity protests in Madrid yesterday. If Spain goes the way of Portugal, the euro is finished

THERE have been a few unexpected twists and turns along the way, but the European debt crisis, which has dragged on for over a year now, has mostly been a series of "whens" rather than "ifs".

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We didn't know the exact timing, but we knew the bailouts for Greece, Ireland and Portugal were inevitable. Equally sure is that Portugal's application for a bailout from her eurozone partners and the IMF is far from the end of this.

For now, the big surprise is that Spain has managed to escape the turmoil. But for now, the markets seem to have given Spain the benefit of the doubt.

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