He has so far successfully resisted pressure from some fellow European leaders who want Lisbon to apply for a bailout, in part to calm investors and keep the debt crisis from spreading to Spain, whose economy is far shop online 2011larger."Let me say it once again: Portugal does not need rescuing, does not need a rescue fund, and I will continue defending my country and ensuring that doesn't have to happen," Socrates said. "I know what it meant to the Greeks and the Irish, and I don't want the same to happen to my country."Portugal's borrowing costs are now punishingly high, which could force Lisbon to tap into the temporary bailout fund to continue paying its bills. A rescue package for Portugal would probably range from $85 billion to $115 billion.Socrates, who is continuing to represent power balancePortugal for the time being, told reporters Friday in Brussels that he would keep fighting for his country to solve its problems on its own.But the political uncertainty has compounded the problem. If no new government is formed to replace the one that just collapsed, Portugal would be ruled by a caretaker administration without the authority to negotiate a bailout. An election probably would not be held until early June, by which time the Iberian nation's financial crisis might have spiraled out of control.To keep a bailout at bay, the shaky minority government tried this week to push through its fourth round of austerity measures within a year, to convince international markets that it was serious about cutting public cheap power balancespending and reducing its budget deficit. But the parliament shot down the plan, prompting Prime Minister Jose Socrates to resign Wednesday.
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