Tuesday, April 27, 2010

Next comes Portugal, then …..

Portugal Suffering Greek Contagion Pressures EU Bonds

"With a higher debt burden and a slower 10-year growth rate than Greece, Western Europe’s poorest country is being punished by investors as the sovereign debt crisis spreads. The risk premium on Portuguese bonds rose to more than double the past year’s average this month. Portugal plans to raise as much as 25 billion euros this year, equivalent to 15 percent of GDP. That compares with 21 billion euros last year, according to the national debt agency". "The country’s 236 percent debt burden last year compares with 205 percent in Italy"

Posted by alan @ 10:50 PM (1542 views)
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4 thoughts on “Next comes Portugal, then …..

  • There is only one TitanicCaptain 🙂

    Do you have any idea how much time I wasted on Wikipedia, querying the date 26th April ???

    PWND by TC!!

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  • gone-to-colombia says:

    Ummmmmmmm.. I predict the end of the Euro.

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  • First Greece, then Portugal then what..?

    Ireland looks vulnerable, as its recovery plan is dependant on cheap credit; but its ability to slash public expenditure without provoking riots counts heavily in its favour. Spain also has a government that is willing to grab the nettle, and, perhaps surprisingly, has so far avoided major civil upset.

    But what of Italy? A very heavy public debt, unhealthy deficit; and most importantly, an aging and shrinking population. Add to that a fairly hapless government..

    Italy will be very badly affected if it has to pay more interest on its debts, and probably lacks the political will to push through major expenditure cuts..

    ..Italy’s debts are large – there will be a very big splash if that country goes down…

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  • 7. uncle tom said…Ireland looks vulnerable, as its recovery plan is dependant on cheap credit; but its ability to slash public expenditure without provoking riots counts heavily in its favour.

    Ireland has always worried me. The ‘troubles’ have certainly been supressed while everybody was busy making money out of an EEC funded boom, and politicians were happy to claim the credit for peace. The divisions are deep set however and now that the economy is proving to be bogus are we seeing some rumblings of discontent from the ‘troublemakers’?

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