Reproduced in full with permission from Business Insider.
Last weekend leaders in France and Germany applied pressure (via the media) to Portugal in order to get it to accept an early bailout.
The premise is, once again, nip this in the bud and prevent the contagion.
Portugal (like every other PIIG before it) isn’t buying it, and it’s FinMin is lashing out at Europe.
According to Reuters, Fernando Teixeira told a radio station that the country did not need a bailout, is getting its house in order, althewhile accusing European leaders of not doing enough to stabilise the euro.
In the end, Teixeira’s right. It’s not about Portugal or Spain or Ireland or anyone else accepting a bailout. It’s about France and Germany transferring money on a permanent basis to their weaker neighbors. Otherwise the whole system doesn’t work.
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