Portugal and Greece are now vying to be this week’s crisis in Europe

Update (3:26 PM ET): Portugal’s governing coalition today saw its second major loss in two days, as Paulo Portas, the foreign minister and leader of the Democratic and Social Center-People’s Party (CDS-PP), tendered his resignation.

Meanwhile, EU authorities have given Greece three days to deliver on promises it’s made to the troika—the group composed of the International Monetary Fund (IMF), the European Central Bank, and representatives of European countries, which is monitoring the euro debt crisis.

Clearly, Greece and Portugal are fighting to be the most scary country in the euro this week. Continue reading

Portugal: ‘IMF: Order to kill’

The IMF report on Portugal’s implementation of an EU-brokered bailout plan aims to throw off the country’s constitutional court, says i.

Instead of including reforms in the 2014 state budget, the IMF wants to push directly into structural reforms, which assumes to be the most difficult part of the Portuguese adjustment program. Continue reading

Germany Demands More Control Over Greece

Germany will allow Greece the extra time it wants to pay off its debt, in exchange for more control over Greece spending, according to a paper leaked to the Financial Times.

Greece’s creditors are agreeing to give the nation an extra two years to pay off its debts, according to several media reports. The extension will cost €16 to €18 billion. But the German proposal would subjugate Greece to tough conditions in return. Continue reading