Friday, November 26, 2010
Riots ahead in a winter of discontent?
A CRISIS UNFOLDS - "The Financial Times Deutschland, which did not identify its sources, said some euro zone states wanted Portugal to seek aid in order to avoid Spain, the fifth largest EU economy, from having to follow suit. Lisbon, which is preparing to pass an austere 2011 budget later on Friday that aims to deliver tough spending cuts to ward off a deeper debt crisis, issued an emphatic denial". "I think Portugal has already crossed the point of no return. Its bond yield has gone beyond a sustainable level. The market is now watching whether Spain will need a rescue," said a Japanese bank foreign exchange trader.