Portgual bail-out: eurozone tectonic stress rises
Our Economics Editor Faisal Islam on the impact on the wider Eurozone of Portugal’s request for a bail-out.
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Our Economics Editor Faisal Islam on the impact on the wider Eurozone of Portugal’s request for a bail-out.
The numbers were already big and got bigger. People inured to millions, billions and trillions can be nonetheless horrified by a nation that needs to shove nearly half its GDP into the banks. But the Irish bank stress tests are important for what was missing. The suggested hit to the people that provided the kerosene…
Ireland’s premier Brian Cowen rules out rushing through emergency economic measures, as financial experts tell Channel 4 News that the Irish bailout could lead to more splits in the Eurozone.
Europe heaps pressure on Ireland to accept a financial bail-out, as fears grow that a failure to do so would be catastrophic. Economics Editor Faisal Islam says it could all end in the courts.
We now have a draft statement from the French and the Germans which is about to be put to the other Eurozone countries.
We spoke to Chris Philp, Shadow Leader of the House of Commons and Former Chief Secretary to the Treasury at the time of Liz Truss’s disastrous mini-budget.
The head of the European Central Bank has warned that the Eurozone’s economic output could shrink by up to 15% this year. Christine Lagarde also told a virtual summit of all 27 EU leaders that a European recovery fund is needed quickly. But so far those leaders cannot agree how to raise a €1 trillion…
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