January 11, 2011
The euro zone is ratcheting up the pressure on Portugal to seek an aid package, but in a manner that makes it possible for government leaders to deny they are doing so, and maintain the appearance of national sovereignty.
The finance ministries of Germany and France have both denied that they have tried to persuade the Portuguese government to follow Greece and Ireland in seeking a bailout from the European Union and the International Monetary Fund.
But we are back in territory that is familiar from the weeks leading up to the Greek and Irish bailouts. Remember, each of those episodes culminated in a government asking for help after repeatedly denying that it needed anything of the kind.
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