Associated Press
May 13, 2011
The European Union warned Friday that the debt loads of Greece, Ireland and Portugal will be much bigger than previously forecast, adding to fears that international bailouts are failing to solve the region's crisis.
The EU's Monetary Affairs Commissioner Olli Rehn said Greece needed to cut spending even further than foreseen in its bailout program. While he fell short of confirming the country may soon need a second bailout — on top of the euro110 billion ($156 billion) in rescue loans it got a year ago — Rehn said its situation was "very serious" and called on opposition forces to support the government's efforts.
The bloc's biannual economic forecasts did paint a more optimistic picture of the economy of Spain — commonly seen as the next-weakest state in the eurozone — which supports the currency union's hope that the debt crisis won't draw in any other countries.
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