Euro in 'Survival Crisis' as Portugal Heads for Bailout

The euro, and the European Union, may be in serious trouble. Portugal suggested yesterday that there was a “high risk” it would need the same bailout treatment as Ireland and Greece. European finance ministers will meet in Brussels tomorrow to discuss a European stability plan that would lend billions to Ireland, Greece, and possibly even Spain, the Daily Telegraph reports. “There is a risk of contagion,” said Portuguese Finance Minister Fernando Teixeira dos Santos.

Ireland continues to insist that it doesn’t need emergency financing, but Germany is pushing it hard to accept it—and the loss of economic and political independence that comes with it—with Angela Merkel last night saying it was the only way to preserve the euro. “If the euro fails, then Europe fails,” she added. European Council President Herman Van Rompuy echoed that pessimism. “We’re in a survival crisis,” he said in a speech, according to the Guardian. (More euro stories.)