Portugal Fails To Pass Austerity Budget, Prays To God It Can Access More Debt

[riconone]

The Portuguese government has failed to pass a budget that would cut spending and reduce debt in the hopes of bringing the troubled PIIG state back to normalcy.

Instead, they pushed through a budget which will allow the government to rack up more debt, fueling an already rampant fire in the market for the country's credit default swaps.

Yesterday, Portugal saw their CDS spread widen as more concerns have risen about the country's ability to pay down their debt.

Now Check Out The Other Countries In Sovereign Debt Crisis ->

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See Also:

• MOODY'S: Greece And Portugal On The March To A 'Slow Death'
• Euro Bludgeoned As Portuguese Government Debt Disaster Sparks Credit Default Swap Panic
• Euro Breaks Above $1.40 As Markets Expect Resounding European Approval For Greece's Budget

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