Thursday, April 07, 2011

It is happening

Portuguese (caretaker?) Prime Minister José Socrates has informed EU Commission President José Manuel Barroso of the intention to ask for "the activation of financial support mechanisms".

A spokesman for the commission has said the European Financial Stability Facility, the euro-zone's bailout fund, as well as a smaller fund fed by the EU budget, would be available to Portugal if it formally requested aid. "The president of the European Commission assured that this request will be processed in the swiftest possible manner, according to the rules applicable," said an official statement.

And so another one goes down the line. How many more, and when will it all end?