Eurozone crisis

In Portugal too, the glass is half empty

Published on 17 November 2010

Cover

"Two countries, two beers, one destiny," leads Lisbon daily i, with a photo of Portugal and Ireland’s two national beverages, Sagres and Guinness. After EU finance ministers gathered in Brussels, 16 November, Eurogroup chairman Jean-Claude Juncker has ambiguously stated that while debt stricken Ireland has not formally requested an EU/IMF bailout, it has nevertheless agreed to negotiate with Brussels, IMF and the ECB on a solution to its banking crisis. The Lisbon daily notes that "most economists already see an intervention as certain in the near future, from which Portugal will not escape". As one economist tells i, "If Portugal does not ask for help, it will be forced to do so". The Lisbon daily’s leader prophesies that these crises will lead to closer economic union, but that "a federal Europe is going to be tough".

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