Europe May Beef Up Bailout Fund
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"European leaders are currently deciding whether or not to add more funds to the bloc’s bailout fund, a day after Portugal came into focus, and even Belgiummoved to shore up its finances.
However, the Wall Street Journal is reporting that no decision is imminent.
The German Chancellor Angela Merkel today said that the financial markets needed more patience to see the effects of the steps Portugal has already taken to address its problems unfold over time.
Meanwhile, Portugal’s Prime Minister Jose Socrates rejected the notion that his nation needs a bailout. Speaking at a press conference this morning, he said that preliminary data showed the country’s budget deficit for 2010 was below its target of 7.3% of gross domestic product. (In 2009, its deficit reached as high as 9.3% of GDP.)
Portugal’s finance minister also stressed that the country was doing everything in its power to avoid a bailout."