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The devil is in the details, the objectives did not have the same impact on the design of the programs. [...] The reasoning behind the waiving of this option at the time was to avoid contagion and negative spillovers on other euro area members as was the case for Portugal.27 The membership in the euro area eliminates the possibility for exchange rate devaluations.28 Moreover, the sovereign-bank doom loop, a result of the euro area architecture, increased the financing needs of all countries. [...] For Portugal, it meant that the country was able 40 The Situation was complicated by the fact that the EAPs, before the establishment of the ESM, were co-financed by different European counterparts of the IMF. [...] 22 Bailouts in the euro crisis: Implications for the aftermath of the COVID-19 pandemic Commission had already analyzed and had a good understanding of the situation, including proposals to address the vulnerabilities of the euro area.43 The consensus view of leading economists is that an incomplete and asymmetric original SGP, fragmented prudential supervision of the financial sector and the lack. [...] Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions, COM (2010)(250).