From Digital Journal / Donna Murphy – The Euro, a great plan or heading for a fall:
Greece and Ireland were already in debt, which is why they asked for their bailouts. Now they are borrowing money at such high rates, it is becoming obvious that they will inevitably end up in the long term with even bigger debts with a much higher chance of default. (One of the reasons Ireland is desperate to renegotiate terms with the EU). With this in mind, it may be one of the reasons that Portugal is resisting the idea of asking for a bailout…
Other economists have said that, when the euro zone countries were getting into debt, there should have been a plan ready then to help them. By waiting until the debts for Greece and Ireland had got to the point that a bailout plan was necessary, the plans drawn up were shortsighted and seem to be leading them into more problems. The rates that they are having to pay are so high, it is almost inevitable that these countries will just be riddled with more debt and no where to go.
Would you like to know more?