Portugal

This chart from Spiegel gives you a sense of the magnitude of the deficit reductions that must be accomplished in order to get the European periphery under the Maastricht 3% hurdle.   Source: Spiegel

by Claus Vistesen The Eurozone seems to be the place where the party never ends these days, as one skeleton after the other comes rattling out of the closet. Indeed, one has the impression that history is in the making right now; and the…

A recent CNBC article highlighted for me why the Irish are being pressured to accept a bailout when they have repeatedly said they don't want one yet. The problem is Portugal (and Spain). To the degree that the Irish situation continues to…

by Edward Hugh According to Spanish Prime Minister José Luis Rodríguez Zapatero speaking in an interview with the Wall Street Journal last Tuesday the European sovereign debt crisis is over. "I believe that the debt crisis affecting…

Spain's Finance Minister Salgado says the downgrade of Portugal earlier today does not put pressure on Spain. It is true as far as it goes, but of course Spain's problem transcends Portugal. The ruling Socialists in Spain are seven seats…

The credit rating agency Moody's has cut the credit rating of Portugal two notches to A1 from Aa2. While the move is not entirely unexpected, it is having a negative effect on the euro. Expect Marc Chandler to say something about this in…

I am going through the BIS Quarterly Review that just came out and it is packed with useful information about the global economy.  With regard to the sovereign debt crisis, I found the following chart a good one for getting a feel for…

Moody's is going on a rampage regarding the sovereign debt of the Eurozone periphery. They are now reviewing Portugal and Spain for a potential ratings downgrade. That means they are threatening Greece with junk status and also warning that…

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Greece to Default ‘At Some Point,’ UBS’s Donovan Says – Bloomberg.com FT Alphaville » Speaking of Portugal and sovereign risk: a downgrade FT Alphaville – Tracy Alloway – China’s great central economy, and big local problems…