If only the bankers who caused this received the same level of strict punishment as the poor bastards who are getting stuck with the tab. We know of course that came out smelling like roses. The Guardian:
Portugal has been served notice that it will need to endure years of unprecedented austerity, spending cuts, and tax rises if Europe is to rescue it from national insolvency to the tune of €80bn.
The daunting terms of the proposed three-year bailout were spelt out by EU finance ministers meeting in Hungary. It was clear that while the 17 countries of the eurozone are to bear the brunt of the bailout, Britain will also be liable for several billion euros in loans to Portugal through its participation in the emergency fund managed by the European commission.
Senior EU officials said the terms for the bailout were to be finalised by mid-May, a fortnight ahead of early elections in Portugal following the collapse of the centre-left government of José Sócrates, toppled last month when the opposition rejected his minority government's austerity package aimed at fending off the need for a European rescue.
