Merkel Pledges “Whatever Necessary” to Protect Portugal

Markets were buoyed this morning on news that European governments were prepared to provide a package of incentives to help ease the financial crisis threatening to take down yet another European country. Insiders say the plan under consideration for Portugal includes up to 60 billion euros ($78 billion) in debt buybacks and low interest loans.

German Chancellor Angela Merkel has also stated her country’s intentions to support Portugal saying “we will do whatever is necessary and everything will be discussed step by step,” Merkel told reporters today in Berlin. “Germany will do whatever is necessary so that the euro remains stable.”

Source: Bloomberg

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