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Portugal's Euro Woes

Duration:
18 minutes
First broadcast:
Wednesday 10 February 2010

Investors have placed huge bets against the European single currency, the Euro, as worries grow about the indebtedness of eurozone countries like Greece, Portugal, Ireland and Spain.

The argument is, if they default on their debt, that could destabilise the whole monetary union. These countries are now staring into the face of a new age of austerity, of high taxes and painful public spending cuts.

We talk to Portugal's finance minister, Fernando Teixeira dos Santos, who says he would turn down any bailout package from Europe because it would be 'like anaesthesia'.

And Nobel prize-winning economist Joseph Stiglitz, who is advising the Greek government, argues that Portugal and others are the subject of unfair speculation.

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