The first week of the year was quiet for the eurozone headline-wise, but markets clearly deteriorated, with yields blowing out across the PIIGS, and the common currency getting whacked pretty hard.And so the emergence of stories like this should be unsurprising: Germany and France are pushing hard for Portugal to take a bailout according to Der Spiegel, via Reuters.
There aren’t too many details, but the core countries don’t want to see a repeat of Ireland, where it took forever to get a bailout, causing much damage to markets and confidence.
Beyond that, everyone figures that if Portugal explodes Spain is next, so it behooves everyone to nip that in the bud.
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