As Portugal’s debt crisis steepened after parliament rejected austerity measures that were required by the temporary rescue fund established in May 2010, EU leaders have agreed to create a permanent fund to bail out nations plagued by ongoing sovereign debt problems.
EU Meeting in Brussels
Reporting for The Washington Post, ("Europe wrestles with debt crisis," 03/25/11), Anthony Faiola writes that EU leaders currently meeting in Brussels have agreed to set up a larger, permanent rescue fund. However, “the escalating problems in Portugal…underscored the still unsettling financial problems gripping [the euro zone.]”
The EU has indicated Portugal could be backstopped with a $100 billion rescue package; provided, however that the Iberian nation agreed to adopt severe austerity measures. But parliament’s refusal to adopt these measures on March 23rd triggered a political crisis that forced Prime Minister Socrates to resign. The WaPo story relied on a comment from a senior fellow at the Brussels-based think tank, “Bruegel.”
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