Portugal to require second bailout - 50 Economists

Reuters pours some realism over those wishing the Eurozone's woes might just vanish, a quote is here:

A separate poll of 50 economists suggested there is a 70 percent chance that Portugal will require a second EU/IMF bailout at some point.

One is tempted to question what a private haircut on Purtuguese bonds might be called when recalling that Merkozy promised Greece would be a unique and one off case. Maybe they could get Greece to buy the bonds and cough up the 30 billion, Antonio Saraiva, head of Portugal’s main industry confederation, said yesterday was needed “I’ll dare to say we have a credit crunch...What is lacking is €30bn.” (As reported by Open Europe today) and the whole lot can now be included with the Greek haircut, (negotiations upon which are seemingly endlessly continuing) thus maintaining the pretence that things are developing as Merkozy wished!

Remember in all this, it was the dreaded two headed Merkozy which made the early error by not just accepting a Greek default and a Euro exit! They would never allow it, seemed to be one of the early statements if memory serves.