Portuguese island awash in sea of debt
Country’s island of Madeira, nearly $8bn in debt, has become example of fiscal mismanagement.
Published On 11 Feb 2012
Many economists predict that Portugal may need a second bail-out from its European partners.
This week, Angela Merkel, the German chancellor, drew attention to the situation on the Portuguese island of Madeira, which has a population of just over 250,000, but has run up debt of more than $8bn.
Al Jazeera’s Barnaby Phillips reports from Madeira.
Source: Al Jazeera