mattyfc Posted April 24, 2011 Share Posted April 24, 2011 http://online.wsj.com/article/BT-CO-20110423-700269.html LISBON (Dow Jones)--Portugal's government has revised the budget deficit for last year again, to 9.1% of gross domestic product from 8.6%, due to another recast in services delivered by the private sector to the government. The budget deficit for 2009 was also revised slightly to 10.1% of GDP from the 10% announced late last month, the agency said in a statement late Saturday. The target was 7.3% which they initially claimed they had hit. (http://my.ojornal.com/news/portugal-says-it-met-2010-deficit-target-73pc) I can see this doing wonders for the economic credibility of the Portuguese government. How many other skeletons are going to come out of the cupboard? Portugese bonds anyone? Countdown to harsh austerity measures imposed by the EU which will destroy the Portuguese economy, push them in to a debt spiral which will inevitably lead to default. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 24, 2011 Share Posted April 24, 2011 (edited) They need someone to come in and get some of this budget off balance sheet. Problem fixed. Edited April 24, 2011 by interestrateripoff Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted April 24, 2011 Share Posted April 24, 2011 Amatuers! Our percentage deficit is 50% bigger! ie 13-14% instead of 9%. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 24, 2011 Share Posted April 24, 2011 Perhaps Goldman Sachs can help ... they seem quite good at this sort of thing. They've done wonders in helping the Greek economy. I wonder if they also shorted Greek debt after helping? Quote Link to comment Share on other sites More sharing options...
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