Portugal follows Greece in lowering spending

Tuesday, March 9, 2010
Debt woes are affecting far more countries than just Greece.
- By Bruce Sands
Portugal's government is reportedly following in the footsteps of Greece by adopting austerity measures to help hold off looming budget problems.

For several weeks now, the fiscal situation in Greece has alarmed investors who are concerned about the long-term damage a debt default could inflict on the euro. Greece has taken some steps to control its spending, casing angry demonstrations by some of the country's public employees.

More recently, an Associated Press report notes that Portugal is trying to raise about $1 billion from a bond issue this week and is hoping to cut its own deficit by reducing welfare benefits and other costs while also using strategies such as privatization of some services.

These are hardly the only countries that have alarmed investors in recent weeks. Spain is also among the European nations thought to be facing serious debt woes, while some investors have become increasingly wary of the debt situation in the United States on the heels of a deficit that has exceeded $1 trillion for two consecutive years.

Given the difficulties that a major nation's debt default could cause for world financial markets, it may make sense to speak with a silver and gold dealer about some of the stable investment opportunities that may be available.


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