Portugal 'tightens its belt'

With the possibility of a bailout looming, Portugal has approved a budget for 2011 that aims to reassure its lenders that it can reduce its deficit. The recent request for aid from Ireland has affected the markets in every European market, and it has spiked speculation that other countries - like Portugal - might follow suit. The EU, though, has denied any meddling with Portugal's decision to adopt more fiscally austere measures. This articles underscores the links and influences that each European Union economy has on the EU as whole.