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Wednesday, April 6, 2011

Portugal, bailouts and liars..

Today's episode of "ALL Politicians of All Nations are Lying Liars" focuses its attention on the lovely nation of Portugal, situated along the Atlantic Ocean and geographically nestled next to Spain.

Today, the Prime Minister, Jose Socrates admitted to the world that his nation was in dire need of a EU or IMF bailout and was now making a formal, official request.  A bailout had been long in the cards but its leadership didn't want to admit it...

Here are some headlines over the last 4 months --

Portugal does not need bailout, PM Socrates says (The Sofia Echo)  Dec 11, 2010 - "In an interview published Saturday, Mr. Socrates said Portugal does not "have any problem" that would require it to ask the International Monetary Fund for assistance like Greece and Ireland already have done this year. "

On Eve of Bond Sale, Portugal Says It Needs No Help From Europe (NY Times)  Jan 11, 2011 - "Prime Minister José Sócrates of Portugal insisted Tuesday that his country would not follow Greece and Ireland in requiring a bailout, despite record borrowing costs and a forecast from the country’s central bank that Portugal would sink back into recession this year."

Portugal PM: Country Does Not Need To Seek Aid From Bailout Fund (WSJ)  Mar 11, 2011 - "Socrates: '"Portugal does not need to request financial assistance if it does its job properly, and that's what we're doing.'"

Socrates Rejects Need for Portugal Aid as Talks on Early Elections Begin (Bloomberg) Mar 25, 2011 - "Portugal doesn’t need a rescue, Prime Minister Jose Socrates said in Brussels, seeking to counter speculation of a bailout as talks began in Lisbon to end the political limbo after lawmakers rejected his budget cuts."

Goodness, that Prime Minister sure sounded emphatic.  He was putting his foot down.. 'No Bailout for Portugal.. None'..

And then today, Apr 6, 2011 :

Debt-Stressed Portugal asks for EU bailout  (AP)

And this has been today's edition of ""ALL Politicians of All Nations are Lying Liars" - Tomorrow we'll return our focus to the US"

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