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Prime Minister Jose Socrates

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Analysis: Thinking the unthinkable on Europe's debt crisis

By Luke BakerBRUSSELS (Reuters) - There is a solution to Europe's debt crisis. It's called proper fiscal and political union. The only problem is Germany, France, Austria, Finland, the Netherlands and quite a few others would never accept it.For well over a year, Europe's leaders have been coming up with bold, multi-billion-euro measures to try to put a stop to the debt rot eating away at Greece, Ireland and Portugal, and which could soon affect other member states such as Spain.The net result, especially when looked at through the eyes of the financial markets, is no improvement. Greece and the others are no closer to resolving their problems, and the likelihood of a debt default or restructuring has only risen.For their next move, euro zone leaders are expected to decide to extend the maturities on 110 billion euros of loans already granted to Greece, could lower the interest rate, and may come up with a further package of support.The terms of Ireland's bailout could also soon be alt...

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  1. Spain vows won't be next after Portugal seeks aid

    By Elisabeth O'LearyMADRID (Reuters) - Spain vowed on Thursday it would not follow ailing neighbor Portugal in seeking a European bailout, and a successful Spanish b...

  2. Spain says won't be next to fall in euro crisis

    By Elisabeth O'LearyMADRID (Reuters) - Spain will not follow ailing neighbor Portugal in seeking a European bailout, Spain's Economy Minister said on Thursday, hopin...

  3. Is U.S. at Risk of Insolvency?

    Mesirow Financial's Diane Swonk on the growing risks to the U.S. economy if the government doesn’t begin making a dent in the debt now.

  4. In U-Turn, Portugal Says Needs EU Aid

    Portugal's caretaker government said on Wednesday it had decided to seek financing from the European Union in an abrupt turnaround after resisting a bailout for mont...

  5. Portugal pays high yield to sell short-term debt

    By Shrikesh LaxmidasLISBON (Reuters) - Debt-stricken Portugal managed to sell a billion euros in short-term debt on Wednesday but the yields rose sharply, intensifyi...

  6. Moody's Slashes Portugal's Debt Rating

    Credit rating agency Moody's cut Portugal sovereign debt by one notch on Tuesday, saying it believed an incoming government would need to seek financing support from...

  7. Moody's cuts Portugal, says bailout needed urgently

    LISBON (Reuters) - Credit rating agency Moody's cut Portugal's sovereign debt by one notch on Tuesday, saying it believed an incoming government would need to seek f...

  8. OECD Chief: Portugal Bailout Not Inevitable

    Debt-strained Portugal can still avoid a bailout although political upheaval following the sudden departure of its prime minister made one more likely, the head of t...

  9. Portugal Unlikely to Seek Immediate EU Bailout: Report

    Portugal is unlikely to ask the European Union for a financial bailout during an EU leaders' summit on Thursday and Friday, but it cannot be ruled out, an EU source ...

  10. Solid Open for Stocks

    U.S. stocks were expected to open little changed on Thursday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 trading flat to 0.1 percent higher.Labor...

  11. Portugal Parliament Rejects Government Austerity Plan

    Portugal's parliament rejected government austerity measures on Wednesday in a vote that is set to topple the minority Socialist administration a day before a Europe...

  12. Global Markets Mixed, Oil Ticks Higher

    Uncertainty over the human and economic damage inflicted by Japan's earthquake, tsunami and nuclear crisis weighed on Asia stocks on Wednesday, and the euro eased ah...

  1. Is U.S. at Risk of Insolvency?

    Mesirow Financial's Diane Swonk on the growing risks to the U.S. economy if the government doesn’t begin making a dent in the debt now.

  2. Portugal says 78 billion euros sufficient, flags recession

    By Sergio GoncalvesLISBON (Reuters) - Portugal's financial needs will be met by a 78 billion euro bailout but the terms attached are likely to propel it into recessi...

  3. Portugal opposition set to back bailout

    By Sergio GoncalvesLISBON (Reuters) - Portugal's two key opposition parties signaled after meeting European and IMF officials on Wednesday they will back a 78-billio...

  4. Euro zone takes third debt crisis patient into care

    By Luke BakerBRUSSELS (Reuters) - Portugal and Greece talked up the benefits of Lisbon's decision to accept a 78-billion-euro bailout from the European Union and IMF...

  5. Portugal aid talks enter key phase

    By Noah BarkinLISBON (Reuters) - A crucial new phase of Portugal's bailout negotiations will begin under a cloud on Monday after an anti-euro party in Finland that h...

  6. Portugal must agree "harder" reforms to get aid

    By Jan StrupczewskiBUDAPEST (Reuters) - Euro zone finance ministers told Portugal on Friday that it would have to implement new economic reforms that went beyond tho...

  7. Portugal to Get Aid Before June Elections: Officials

    The European Commission expects a formal request from Portugal for aid "soon" and a deal will probably be agreed to ease its debt crisis before a new government is e...

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