The Portuguese Baliout

A monumental push towards Portugal's bailout took place on Wednesday. Opposition parties in Portugal offered its support of the European Union bailout. They will offer any support necessary so that the government receives the bailout it is asking for.

"Conscious of the seriousness of the situation, the PSD will not hesitate in offering all the help it can so that the programme for assistance can be met," PSD leader Pedro Passos Coelho told reporters after meeting caretaker Prime Minister Jose Socrates.

According to HeraldScotland.com, the full details of the bailout should be disclosed by mid-May so the new government has guidelines to work with. Reuters reported that nationalism by all parties is necessary for the bailout to work. Elections for the new government take place on June 5, and the new "lead" party must be met with new austerity measures and follow the strict limitations of the loan details. It seems as though support from other parties has been taking place.

With multi-party support of the bailout there are still a few people or parties that don't agree with it. The Left Bloc and the Communist Party are the two parties that oppose the European Union bailout. "We insist that the decision of the Portuguese (at the election) is not a plebiscite to surrender to a solution which implies the destruction of the Portuguese economy," said Francisco Louca, head of the small Left Bloc party.

I believe that all the parties involved must put their political differences aside to do what is best for the country and not for themselves. There must be a cross-party agreement so that the transition from debt to non-debt is quick and painless.