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Ecb To Accept Any Guaranteed Portuguese Crap

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http://www.ecb.int/press/pr/date/2011/html/pr110707_1.en.html

PRESS RELEASE

7 July 2011 - ECB announces change in eligibility of debt instruments issued or guaranteed by the Portuguese government

The Governing Council of the European Central Bank (ECB) has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Eurosystem’s credit operations in the case of marketable debt instruments issued or guaranteed by the Portuguese government. This suspension will be maintained until further notice.

The Portuguese government has approved an economic and financial adjustment programme, which has been negotiated with the European Commission, in liaison with the ECB, and the International Monetary Fund. The Governing Council has assessed the programme and considers it to be appropriate. This positive assessment and the strong commitment of the Portuguese government to fully implement the programme are the basis, also from a risk management perspective, for the suspension announced herewith.

The suspension applies to all outstanding and new marketable debt instruments issued or guaranteed by the Portuguese government.

Fantastic news, no matter what the Portuguese govt now issue all the banks can be safe in the knowledge they can sell it on to the ECB and get the Euro's.

A cynic would say the ECB have decided to monetize Portugal's debt via the back door.

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http://www.ecb.int/p...10707_1.en.html

Fantastic news, no matter what the Portuguese govt now issue all the banks can be safe in the knowledge they can sell it on to the ECB and get the Euro's.

A cynic would say the ECB have decided to monetize Portugal's debt via the back door.

They've gone to war against the ratings agencies.

ECB is going to end up needing Germany (and everyone else) to recapitalise it if they carry on..........

There's no firebreak in evidence.

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They've gone to war against the ratings agencies.

ECB is going to end up needing Germany (and everyone else) to recapitalise it if they carry on..........

There's no firebreak in evidence.

it's extraordinary - when will they accept the inevitablity of the break up of elements of the eurozone?

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Good move by the ECB. The only real path is to monetize and set up better systems for next time. As long as Portugal can roll over its debt at low interest rates it should be able to manage it. For arguments sake if Portugal has a debt of 100% of gdp, and the interest is 4%.. that only takes 4% of gdp to pay the interest.

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Good move by the ECB. The only real path is to monetize and set up better systems for next time. As long as Portugal can roll over its debt at low interest rates it should be able to manage it. For arguments sake if Portugal has a debt of 100% of gdp, and the interest is 4%.. that only takes 4% of gdp to pay the interest.

...when does the culture of overspending change ....?.... :rolleyes:

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They've gone to war against the ratings agencies.

ECB is going to end up needing Germany (and everyone else) to recapitalise it if they carry on..........

There's no firebreak in evidence.

Will the ECB soon be calling on Uncle Ben?

I think they should put John Law on all EU notes.

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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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