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If Greece goes… by Financial Times

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Portugal: the first domino?

By Peter Wise in Lisbon

May 15 2012

Portugal is preparing for the possibility of a disorderly Greek exit from the eurozone by reaffirming an unwavering commitment to austerity and a determination to see through tough economic reforms.

But no matter how hard Lisbon works to differentiate itself from Athens, many investors believe the country would be forced into becoming next in line at the exit if Greece were to leave the single currency bloc.

“Unfortunately, Portugal is the weakest link [among other peripheral eurozone countries],” the Jornal de Negócios business daily said in an editorial on May 15. “However much our leaders explain how our finances are evolving ... the shockwaves [from a Greek exit] would hit us ...

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