Portugal To EU: Oh Yeah, We Are Boned, Aren’t We

Brother could you spare 70 or 80 billion Euros?

The country’s caretaker prime minister José Sócrates said the measure had been taken after the stricken nation had run out of options.

Economists last night put the UK’s involvement in a Portuguese bail–out at up to a potential £4.4billion.

After months of resisting having to apply for a bail–out from the EU and the International Monetary Fund, Portugal’s cost of borrowing has reached unsustainable levels.

Repeat after me: their “cost of borrowing has reached unsustainable levels.”

Our national debt is currently over $14 trillion dollars.

Our budget deficit for this year alone is going to be somewhere north of 1,500 billion dollars, so the national debt will rise by at least 10%.

And if interest rates increase then the debt will rise dramatically and our cost of borrowing to finance that trillions and trillions of dollars of debt will make the Portuguese situation look like a laughably small amount.

We must decrease our spending or we are totally, completely, horrifically boned.

One Response to “Portugal To EU: Oh Yeah, We Are Boned, Aren’t We”

1. Gary from Jersey says:

   April 7, 2011 at 9:36 am

   Tack on $106 trillion for Social Security and Medicare and Portugal’s looking pretty good.