Portugal Getting Their Bailout - $115 Billion

latimesblogs.latimes.com...

Portugal agreed to a deal with the European Union for a three-year bailout loan worth $115 billion, the country’s caretaker government said Tuesday.

The agreement, which also will include financing from the International Monetary Fund, will make Portugal the third debt-strapped European country to take a bailout from the rest of the continent, after Greece one year ago and Ireland in November.

So someone printed $115 billion and loaned it to Portugal in order to have it eventually paid back with interest.

What a racket...