Portugal has €1.1 billion reason for not supporting Greek debt pardon

Bloomberg business website has highlighted a little-known reason for Portugal’s lack of support for a Greek debt pardon. In an article entitled “Portugal spurns Tsipras call after bailout exit”, it reveals that “Portugal’s position is not just about principles. It has money at stake. Between 2010 and 2011 Portugal made bilateral loans to Greece of almost 1.1 billion euros”.

Even worse, “as a share of 2013 nominal GDP, Portugal’s total exposure to Greece tops the ranking at 3.2%”.