Wednesday, the financial crisis which is threatening all Europe deepened, as the rates for Portuguese government debt instruments jumped higher based upon a decision by Moody’s rating service to reduce those bonds four levels to "junk" status. The drop was from Baa1 to Ba2 on long-term Portuguese bond ratings.
Eurogroup President Jean-Claude Juncker said in an interview over the weekend that the austerity measures being imposed on Greece in exchange for additional bail-out funding from the IMF will result in “the sovereignty of Greece [being] massively limited. ” He added, “One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the euro zone.”
Thanks to a massive grassroots pro-life campaign, lawmakers in Poland have cast an initial vote in favor of legislation that would ban all abortions in that country. As reported by the website LifeNews.com, the effort was headed by the Polish pro-life group PRO Foundation (website graphic, left), which organized a grassroots campaign to lobby members of Parliament to support the measure. Additionally, noted the pro-life website, “the nation’s Catholic bishops have also played an integral role in advancing the legislation.”
Unwilling to be intimidated by the often-violent mass protests of radicals, Greek lawmakers passed yesterday the second and final austerity bill that was essential in order for the country to receive crucial bailout funds to prevent the government from defaulting by mid-July.