"We Don't Need A Bailout... We Don't Need A Bailout...Uh, We Need A Bailout": Portugal Admits To Needing EU Rescue

Update: It's Official. Portugal is Bankrupt:  Portuguese finance minister says the country will have to use European Union mechanisms to resolve its debt problems, to make announcement at 8PM.

In the biggest shocker to come out just hours before the ECB's announcement tomorrow, which many see is a guaranteed rate hike, Journal de Negocios has just announced that according to the Portuguese Finance Minister, the country needs a bailout, after weeks and weeks of Greece-style denials. And yes, nobody could have foreseen this, and all that jazz.

From Negocios:

The Minister of Finance considers that Portugal has already asked for help. In a written response to questions raised by the Business, Fernando Teixeira dos Santos said that "it is necessary to refer to available funding mechanisms in the European framework".

and more:

Fernando Teixeira dos Santos believes that Portugal needs to ask for help, a set of questions in writing.

Business: Portugal must now ask for help as they appeal the bankers and economists in general? The debt that you have to pay in a year do not worry you?

Fernando Teixeira dos Santos: "The country has irresponsibly pushed a very difficult situation in financial markets. Given this difficult situation, which could have been avoided, I think it is necessary to refer to available funding mechanisms in the European context as appropriate to the current political situation. This will require also the involvement and commitment of major forces and political institutions."

Greece...Ireland... Portugal... Hello Spain.

In the meantime, the Greece short end is trading inside Portugal.

Oh, and we can't wait for the rate hike tomorrow.