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Increasing Concerns over Spain‚ Portugal Being Next in Line for a Bailout

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2010-11-24

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Although Ireland has requested for an international bailout to stabilize the European financial market there are increasing concerns that it might not be enough to contain contagion.
The European Union had been pressuring Ireland to accept aid in fear that the Irish debt problems might have a spill over effect on other eurozone countries with large deficits.
Portugal and Spain are considered to be next in line for assistance after Greece and Ireland.
But‚ Portuguese Prime Minister Jose Socrates says his country "has no need for any aid" to overcome its budget crisis.
He insisted that the country "will solve its own problems" adding that tight fiscal policies and labor reforms would stimulate economic growth and thus would reduce its booming deficits.
Portugal also pledged to cut its deficit to 7.3 percent of its gross domestic product this year from a record high of 9.3 percent in 2009.
Spain is also opposed to a bailout.
Its finance minister‚ Elena Salgado‚ stressed in a radio interview Monday that Spain is doing everything it has promised to do with tangible results.
Nevertheless‚ Bloomberg reports that Jean-Claude Juncker ‚ the prime minister of Luxembourg who also heads eurozone finance ministers‚ expressed concerns over how well Spain and Portugal would stick to their tight fiscal policies as it could trigger a financial crisis in Europe if they fail to do so.
And Stephen Roach ‚ the chairman of Morgan Stanley Asia‚ also warned about weaknesses of the eurozone system‚ pointing out that the currency alliance lacks financial consolidation.
Choi Won-young‚ Arirang News.
Reporter : won102@arirang.co.kr

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