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Bank Of Portugal Thinks Baleout Is Inevitable

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I've not seen this in the English-speaking media yet, but according to this Spanish report there are people in the Bank of Portugal who now admit a rescue is inevitable. Although the politicians are still denying this, and even Zapatero of Spain is claiming that Portugal can hang on. It also states that Japan will buy 20% of the debt in the Euro zone.

Banco de Portugal

Do we have any Portuguese speakers here who can relay what their press is saying?

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Spanish bond sales shows renewed demand for debt:

Bloomberg LINK

‘Not Too Late’

“If Spain wants to get through this, they can,” said Axel Merk, president and chief investment officer of Palo Alto-based Merk Funds. “It’s not too late for them, but we do need to see some more serious efforts. In the absence of all that, slowly but surely the cost of borrowing will go up and it’s going to strangle” them.

The extra yield investors demand to hold 10-year Spanish government bonds rather than German bunds touched a record 298 basis points on Nov. 30 compared with an average of 15 basis points over the first decade of the monetary union. The spread fell 6 points yesterday to 255 points.

Investors who buy the power bonds will be paid with revenue from future electricity bills and will have an explicit guarantee from Spain’s government.

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  • 312 Brexit, House prices and Summer 2020

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