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Greece and Portugal: Twinned in austerity

Prime Minister Lucas Papademos has returned to Greece after holding talks in Brussels, Luxembourg and Frankfurt with European Union officials aimed at securing further emergency loans. It remains unclear whether he has done enough — or indeed if he can do enough on his own — to secure further funding.

There have been no such problems for Greece’s debt-plagued bailout brother Portugal, which on November 16 was told it would be receiving its third installment of a 78-billion-euro emergency loan package. While Greece is hanging on for the 8 billion euros it needs by mid-December to prevent bankruptcy, Portugal has already received exactly the same amount.

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