Photo: Flickr bazylek100
Way back in March we gave you a guide to the debt situation in Europe.Since then, Portugal needed a bailout, Greece needed a second bailout, Cyprus now probably needs a bailout, and Belgium still has no government.
In light of the changes, here’s our updated guide to the economic conditions of the PIIGS and other countries in Europe that the markets worry about.
Banco Espirito Santo SA said on August 1 that its putting away more money to cover loan losses in anticipation that Portugal will undergo a prolonged recession.
Source: The Wall Street Journal
Prime Minister Zapatero has called for early elections, citing the economy as a pressing issue.
Now, a new Spanish government will be elected in November instead of next March.
Meanwhile, Spanish media is speculating about a possible bailout for Spain.
Belgium's public debt is about 98% of its GDP, though its unemployment rate at 7% is less worrying than Spain's or Ireland's, which are triple or double Belgium's.
Belgium however has no government. It has been more than 14 months since Belgium has had a government, beating out Iraq for the world record.
The Bank of Cyprus announced on August 1 that Cyprus may need a bailout from the European Union. Its economy is highly tied to Greece--and Greece just underwent the process of securing its second bailout from the EU/IMF.
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