Portugal's taxpayers to fund banking write-offs

The price of houses in Portugal has started to cause concern in the sleepy corridors of Brussels as the average value of property rose 7.1% last year. This was really a 6% increase as general inflation was 1.1%.

The ever-meddlesome European Commission has concluded that this increase has reached the acceptable limit and now it has to start worrying about ‘imbalances in the economy.’

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Portugal’s taxpayers to fund banking write-offs