Germany and France want Portugal to accept an international bailout as soon as possible in order to prevent its debt crisis spreading to other countries. If this goes through, Portugal shall be the third country in the Eurozone, after Greece and Ireland, to receive a bailout.
Spain, the other debt-ridden Euro country, which needed possible aid as well, received 6 billion euros support from China, after the Chinese administration agreed to buy its debt.
Germany and France want Portugal to accept aid: report [via]
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I want to inform the Portuguese that the government decided today to ask ... for financial help, to ensure financing for our country, for our financial system and for our economy," Sócrates said in a televised address. "This is an especially grave moment for our country," he added. "Things will only get worse if nothing's done."
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