Thursday, April 7, 2011

It Has Started: Spain Says It' Follow Portugal Steps, No Bailout(!)

The govenrment of Spain says it would not follow Portugal in seeking a European bailout". As we noted, Portugal was saying the same thing, repeatedly, and repeatedly.
Reuters: "The fall of another euro zone domino after Greece and Ireland focused attention on Madrid and the efforts that its government, and European authorities, have poured into erecting a firewall to buttress its public finances.

"(The risk of contagion) is absolutely ruled out ... it has been some time since the markets have known that our economy is much more competitive," Spanish Economy Minister Elena Salgado told national radio station SER.


While European Union officials voiced relief, non-euro zone Sweden criticized Lisbon for waiting too long.

"They should have requested aid much earlier," Swedish Finance Minister Anders Borg told journalists. "They have placed themselves and Europe in a very difficult situation."

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