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According to zerohedge Portugal is about to go to the EU cap in hand:

Portuguese finance minister says the country will have to use European Union mechanisms to resolve its debt problems, to make announcement at 8PM.

Can't see any confirmation on the wires yet.

EDIT: the plot thickens

04-06 14:08 EU says it has instruments in place for Portugal but it hasn't yet received any request for aid

Edited by Greener Pastures

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Portugal finance minister says aid from EU needed-paper

(Reuters) - Portugal needs to resort to financial aid from the European Union, Finance Minister Fernando Teixeira dos Santos was quoted as saying on Wednesday by the online version of business daily Jornal de Negocios.
"In this difficult situation, which could have been avoided, I understand that it is necessary to resort to the financing mechanisms available within the European framework," he told the paper.
Finance ministry officials were not immediately available for comment. (Reporting by Axel
Bugge
)

Reporting by whom? :lol:

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Portugal's PM about to make speech on the subject - Sky News is waiting to cover it live.

"We are ******ed, international bankers say we can last a bit longer if I put your wife on the game, sell your hospital and mortgage your kids kidneys, so that's what I have done. See you in 6 months when it's obvious even that hasn't worked to talk about barcoding your ass and making you work 24/7 for our new bankster overlords."

the usual.

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Printy printy.

Actually, it's raisy raisy, if the ECB is to be taken at face value

Edited by Greener Pastures

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Actually, it's raisy raisy, if the ECB is to be taken at face value

Yes, I understand at that level... but I am less clear about the details. I understand that a bailout will need to attract a higher yield than ordinary bond issues - but I am unsure how that will translate to things ordinary people will notice. I can't see it affecting retail interest rates in Portugal - as it would be so easy to just shift business across the border into Spain. I don't see the high yields on bail-out funding to dramatically affect the cost of other borrowing either...

I think I understood why UK interest rates had to rise when we needed help... but my understanding demanded me to take into account that Sterling was a national currency - I wonder how bailouts will pan out where the Euro is the currency of both the bailer and the bailed.

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Yes, I understand at that level... but I am less clear about the details. I understand that a bailout will need to attract a higher yield than ordinary bond issues - but I am unsure how that will translate to things ordinary people will notice. I can't see it affecting retail interest rates in Portugal - as it would be so easy to just shift business across the border into Spain. I don't see the high yields on bail-out funding to dramatically affect the cost of other borrowing either...

I think I understood why UK interest rates had to rise when we needed help... but my understanding demanded me to take into account that Sterling was a national currency - I wonder how bailouts will pan out where the Euro is the currency of both the bailer and the bailed.

A lot like taxing newcastle and then allocating it grants does via it's stooges in westminster for the BoE.

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Yes, I understand at that level... but I am less clear about the details. I understand that a bailout will need to attract a higher yield than ordinary bond issues - but I am unsure how that will translate to things ordinary people will notice. I can't see it affecting retail interest rates in Portugal - as it would be so easy to just shift business across the border into Spain. I don't see the high yields on bail-out funding to dramatically affect the cost of other borrowing either...

I think I understood why UK interest rates had to rise when we needed help... but my understanding demanded me to take into account that Sterling was a national currency - I wonder how bailouts will pan out where the Euro is the currency of both the bailer and the bailed.

I meant that the ECB was widely expected to raise rates tomorrow.

Will they do it now?

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Yes, I understand at that level... but I am less clear about the details. I understand that a bailout will need to attract a higher yield than ordinary bond issues -

I see from the other bailouts that this is the case but surely this is self defeating since the higher rates are crippling and are soon reflected in further increased bond rates.

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12 January 2011;

"We don't need that help. We are able to do our work ourselves," he told reporters in Frankfurt. "We will have better figures on our public deficit than we expected, better than 7.3 per cent (of GDP)."

06 April 2011

"I always said asking for foreign aid would be the final way to go but we have reached the moment," Mr Socrates said.

"Above all, it's in the national interest."

snigger.

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One commentator said Spain is looking dangerous and if that one blows there will be some huge bailout money due from one and all--including us. Good for the Euro though so fill yer boots with Euros!

Lets see, Spain are in the mid-denial stage still IIRC. When will they collapse? End of 2nd Q? Might be a good thing to go long on Euros for the 2nd half. :lol::lol::lol:

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One commentator said Spain is looking dangerous and if that one blows there will be some huge bailout money due from one and all--including us. Good for the Euro though so fill yer boots with Euros!

Lets see, Spain are in the mid-denial stage still IIRC. When will they collapse? End of 2nd Q? Might be a good thing to go long on Euros for the 2nd half. :lol::lol::lol:

No, I think it will go down well before the end of the second quarter. It's now become inevitable (after 3 countries have gone) so why wait?

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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