It is now Portugal's turn to seek bailout

Portugal has always been considered as the next country in the EU that will need bailout money after Greece and Ireland.

(CNN) -- Portugal is seeking a bailout from the European Union after its government Wednesday admitted the country needed help.

In a statement Wednesday the Portuguese government, lead by caretaker Prime Minister Jose Socrates, said it had submitted an application for aid to the European Commission. It would be the third euro-zone country, after Greece and Ireland, to receive European Union aid.

Source

Another domino falls. Spain will likely be next, then who? Italy? The US taxpayer will be on the hook for some of this through the IMF or some other organization. When do we stand and say "No More! Not one more dollar to bail out foreign interests!"

reply to post by sonofliberty1776


Spain has higher budget deficit than Italy but Italy has higher debt as % of GDP. These two countries are competing with each other on which one will be the next to ask for a bailout. Check out the graph in the link below.

Source

reply to post by wavemaker

I have seen the information. I believe that Spain will go before Italy. This is just my personal feeling, it is really a 50/50 proposition.