"There Are No Buyers Of Portuguese Debt..."
Soaring Debt Pushes Portugal Towards Bailout
Portugal’s cost of borrowing hit a euro-era high on Wednesday amid growing concerns that Lisbon will have to turn to bail-out funds to revive its stagnating economy. Portuguese 10-year bond yields jumped to 7.35% - the highest since the launch of the euro in January 1999 and a level regarded as unsustainable for Lisbon’s struggling economy. A leading investor said:
- “Portuguese debt costs are in danger of rising further and further as there are no buyers of the country’s debt.”
Significantly, the European Central Bank has been the only major buyer of Portuguese debt in recent months. However, the latest ECB figures show that the bank has not bought any government bonds in the past two weeks, which explains the drift higher in Portuguese yields.
Strategists say a summit of European leaders in March will determine whether Lisbon will have to follow Greece and Ireland in seeking emergency support. One fund manager said: “We are at a key moment in the eurozone crisis and Portugal is on the frontline. We will know soon whether Lisbon will have to accept a bail-out or not. That is the next test for the eurozone.”
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Fleckenstein understands the insanity...
- "The only difference between the U.S. and Greece is a printing press."
Feb 10, 2011 at 3:50 AM
Reader Comments (2)
With the NYSE evolving and merging into a new paradigm of HFT A.I., why would humans be involved in the stock market other than to provide liquidity to algorithms.
Move over Sky-net, make way for SWAPNET
http://letthemfail.us/archives/7524
http://www.haaretz.com/news/diplomacy-defense/greece-vows-to-help-israel-gain-access-to-european-markets-1.342519
[snip]
Officials in Israel and Greece say also the two countries are holding preliminary talks on potential energy deals involving newly-discovered Israeli offshore natural gas deposits.
On Thursday, Papandreou's ministers of foreign affairs, investment, public order, tourism and defense held meetings with a delegation from the Conference of Presidents of Major American Jewish Organizations but their presentations at a downtown Athens hotel were closed to the media.
Now take a look at this video from 2008, (which was removed from you tube for a content violation) but is available here:
http://www.disclose.tv/action/viewvideo/14978/Greek_Cops_Caught_on_Video