The Portuguese today are bracing themselves for a visit from EU negotiators today to discuss the final terms of their bailout – expected to be completed by Mid-May. The negotiations are being led by two Germans and a Dane from the IMF, ECB and European Commission.
Terms of the Portuguese Bailout are likely to include further austerity measures (something that led to Prime Minister Socrates resignation last month). How harsh and indeed how sustainable the plan is will likely make the Euro a more or less attractive proposition to speculators, with both the Greeks and Irish still struggling to pay off their debts all eyes will be on these talks today.
It is cruical that the Germans are behind the bailout in Portugal – as the average German taxpayer once again pays out for a neigbouring economy in turmoil. Furthermore yesterdays’ election in Finland saw a nationalist party possibly move into a co-alition, winning 19% of the vote. Any bailout has to be approved by all of the Eurozone’s 17 member states – and this is something that would under law go to vote in Finland. The more power the ‘True Finns’ receive the more difficult that it will make it for any future action to be taken.
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