Portugal - Just More of the Same

News out of Portugal is just more of the same.  Much like Ireland and Greece before them, they don't need a bailout - blah, blah, blah.  Anyone else tired of hearing it?  What's better is Portugal blaming the rest of the EU (read France and Germany) for not defending the Euro.  Seriously?  Europe is becoming a slow motion bad joke.

Japan has come out and said it will be buying European debt (on the heels of China saying the same) which has given the Euro and European Sovereign debt a floor.  Give it a week.  I am not buying this, a quick look at recent history will tell you where this is going to go.

(NYTimes) Officials from debt-burdened Portugal went on the offensive Tuesday, saying the country did not need a bailout and criticizing its European partners for not doing enough to shield the euro currency from the debt crisis.

There is a growing feeling in the markets that Portugal will soon need a financial rescue as borrowing costs are at potentially unsustainable levels despite government efforts to slash the huge public debt.

The government looks increasingly worried at the lack of help from its fellow European countries to avoid that fate — France and Germany are reportedly pushing Portugal to give in to market pressures and take a bailout like Athens and Dublin.

 Prime Minister José Sócrates said Portugal was making progress in reducing its budget deficit, noting that preliminary data indicated that last year’s deficit would be below the government’s target of 7.3 percent.

“The government is doing its job and is doing it well,” Mr. Sócrates said, while again stressing that “Portugal won’t request any financial help for the simple reason that it doesn’t need it.”