from The Wall Street Journal
Portugal Prime Minister Jose Socrates said Wednesday the country is seeking financial aid from the European Union, becoming the third euro zone member after Greece and Ireland to require a bailout. The announcement marks an acknowledgment of the rapid deterioration of the country's finances.
Speaking to the nation in a televised address, Prime Minister Jose Socrates said the country will "immediately" request assistance from the EU. "It is time to assume the responsibility to the country,” Socrates said. “It is in the name of national interest that I tell to the Portuguese people that we need to take this step."
I have noted in this blog on more than one occasion that the sorry state of financial affairs with the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) is easily understandable (see here and here). There is absolutely no mystery about it.
Here's a serious question. On whom will our own President (when the time arrives, it won't be BHO) call for help when the United States realizes it too is suffering the fate of the PIIGS?
Trying to borrow what hasn't already been produced and saved is the heart of the problem. It can't be done.