Wednesday, April 06, 2011

The Credit Lines of Torres Vedras

Perhaps understanding that being last to ask for financial help given the limited funds of Europe to pull it off, Portugal pulled the trigger:

Portugal asked for a bailout Wednesday to relieve its crushing debt, joining Greece and Ireland by becoming the third eurozone nation to seek outside help amid a bruising financial crisis.

If you wonder why I say that Europeans don't have the finances to wage half-hearted war on Libya for long, here is one reason. We shall see if the European debt crisis can be halted here before it hits the bigger economies of Spain and Italy.

But basically, I just wanted to use the post title.

UPDATE: And yes, I'm painfully aware of our fiscal problems which are of a scale that if we fail, nobody could build a line of defense strong enough to hold.