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Old 06.04.2011, 23:02
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Portugal calls for EU financial bail-out

Portugal's caretaker prime minister Jose Socrates has said that he has asked the European Union for financial assistance.

Mr Socrates said the country was "at too much risk that it shouldn't be exposed to".

The government has long resisted asking for aid but last week admitted that it had missed its 2010 budget deficit target.

Portugal follows Greece and the Irish Republic in seeking a bail-out.

"I always said asking for foreign aid would be the final way to go but we have reached the moment," Mr Socrates said.

"Above all, it's in the national interest."

He did not say how much aid Portugal would ask for. Negotiations will now be underway and the BBC's business editor Robert Peston said rescue loans could amount to as much as 80bn euros ($115bn; £70bn).

Mr Socrates was speaking after Finance Minister Fernando Teixeira dos Santos said it was necessary to resort to financial aid from the EU.

Earlier, the government raised about 1bn euros after tapping the financial markets in order to repay loans, but will have to pay a higher interest rate to lenders.

The country's cost of borrowing has risen sharply since the minority Socialist government resigned last month after its proposed tougher austerity measures were defeated in parliament.


http://www.bbc.co.uk/news/business-12993318

I wonder what this will do to the CHF/EURO exchange rate!
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Old 07.04.2011, 12:36
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Re: Portugal calls for EU financial bail-out

And this comes just two weeks after saying the country absolutely does not need a bailout.
“If Portugal were to fail, that would then expose other countries to risk. There would be a domino effect,” said Sócrates on March 23rd.
He said he told EU leaders that they had to show faith and “confidence” in his government's proposed austerity plan, adding that rumours of a bail-out “did not help”.
Just as Greece and Ireland said they neither needed, nor wanted financial assistance. Followed a few weeks later by bailouts.
<shudder> These politicians have no clue of reality. </s>
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Old 07.04.2011, 12:54
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Re: Portugal calls for EU financial bail-out

You shouldn't be surprised at all; it was expected. Yes, the Portuguese government denied categorically that it would need any form of a financial bailout as did the Irish and the Greeks.

The country needs to get its house in order and so do its neighbors...
The EU isn't sustainable the way it is today. I don't think it will fail ever -for sometime- but it will certainly change its map and little bit to better suit its members. I still can't fathom how you can cram Portugal with Germany with Greece ?!?!?!? it simply won't work...look forward to a southern European union of some form or so I imagine whilst the EU moves its borders north.
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Old 07.04.2011, 13:03
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Re: Portugal calls for EU financial bail-out

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You shouldn't be surprised at all; it was expected. Yes, the Portuguese government denied categorically that it would need any form of a financial bailout as did the Irish and the Greeks.
Indeed. From BBC:
"Portugal follows Greece and the Irish Republic in seeking a bail-out.

However, Spain was quick to say it would not be following these countries in seeking assistance"

So how long before the PIG becomes the PIGS? Months? Weeks? Will they actually make it to the weekend?

M'dammes, M'ssrs, faites vos jeux!!!


Who? Me? I'm for July 29th, it would be kinda funny for EMU-skeptics
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Old 07.04.2011, 13:09
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Re: Portugal calls for EU financial bail-out

I'm not surprised at all. I've been trading all this whilst the politicians have been denying the obvious eventuality (not government debt nor country-specific securities, but other instruments).

I simply find it rather pathetic that country leaders and their spin doctors can come out with grandiose speeches denying the inevitable, when the markets are already telling them (rightly or wrongly) what they need to do.
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Old 07.04.2011, 13:31
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Re: Portugal calls for EU financial bail-out

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Indeed. From BBC:
"Portugal follows Greece and the Irish Republic in seeking a bail-out.

However, Spain was quick to say it would not be following these countries in seeking assistance"

So how long before the PIG becomes the PIGS? Months? Weeks? Will they actually make it to the weekend?

M'dammes, M'ssrs, faites vos jeux!!!


Who? Me? I'm for July 29th, it would be kinda funny for EMU-skeptics
I am afraid that it's becoming the PIIGS...honestly, they all need bailouts
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Old 07.04.2011, 13:33
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Re: Portugal calls for EU financial bail-out

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I simply find it rather pathetic that country leaders and their spin doctors can come out with grandiose speeches denying the inevitable...
That's what makes them leaderssss! they can look you in the eye and lie to you like there is no tomorrow
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Old 07.04.2011, 13:35
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Re: Portugal calls for EU financial bail-out

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That's what makes them leaderssss! they can look you in the eye and lie to you like there is no tomorrow
you're saying my mother in law would make an excellent leader??
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Old 07.04.2011, 13:46
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Re: Portugal calls for EU financial bail-out

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you're saying my mother in law would make an excellent leader??
haha I bet she would...
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Old 07.04.2011, 13:48
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Re: Portugal calls for EU financial bail-out

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I am afraid that it's becoming the PIIGS...honestly, they all need bailouts
some good signs
http://www.bloomberg.com/news/2011-0...al-rescue.html
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Old 07.04.2011, 13:49
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Re: Portugal calls for EU financial bail-out

And that Ireland should be shifted down from the Atlantic to the Med...
Mightn't be all bad to get a bit more sun though.
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Old 07.04.2011, 15:09
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Re: Portugal calls for EU financial bail-out

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http://www.bbc.co.uk/news/business-12993318

I wonder what this will do to the CHF/EURO exchange rate!
I'm no expert on monteary matters or exchange rate policies but, hopefully the Euro will fall and the CHF will go up and I can pay off my apartment back home sooner
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Old 07.04.2011, 15:32
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Re: Portugal calls for EU financial bail-out

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I'm no expert on monteary matters or exchange rate policies but, hopefully the Euro will fall and the CHF will go up and I can pay off my apartment back home sooner
I already predicted this on another thread ( one of the financial ones?) but then I also predicted that the Euro would split-that Germany would get fed up and pull out, the Euro still seems to be doing OK.

Oh hang on the Euro is on the slide.

Noce to see the word 'Peripheral Europe' creeping in - where is 'Peripheral Europe'?

Quote:
it just reminds the market that the fiscal issues in peripheral Europe are structural,
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/04/07/bloomberg1376-LJ9T3H0YHQ0X01-34M4DHG2NMFR4VSBUPLKBSPIQO.DTL

Still Germany says that there is enough money to bail Portugal out even though the German tax-payers are beginning to complain and Merkel's party isn't exactly doing too well in elections.

Oh Yummy interest rates are up
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Old 07.04.2011, 16:00
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Re: Portugal calls for EU financial bail-out

Scroll down-( sorry I couldn't post this separately) for a video of WSJ Spain being the big worry.
http://www.matthewbennett.es/5287/po...-8-april-2011//
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Old 07.04.2011, 16:18
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Re: Portugal calls for EU financial bail-out

The ECB has raised rates to 1.25% from 1.00%. Increased forecast inflation to 2.2% was given as the primary reason for the rate change. It is interesting to see that the ECB is taking the position of securing its more stable economies (Germany, maybe France) at the risk of weakening its more fragile member states. (Rep. of Ireland, Spain & Portugal). http://www.bbc.co.uk/news/business-12997333
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Old 07.04.2011, 20:51
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Re: Portugal calls for EU financial bail-out

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I am afraid that it's becoming the PIIGS...honestly, they all need bailouts
Funny how Italy always avoids being mentioned; their key financial numbers do not look so bad - I have no clue how they achieve that?
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Old 07.04.2011, 21:35
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Re: Portugal calls for EU financial bail-out

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Funny how Italy always avoids being mentioned; their key financial numbers do not look so bad - I have no clue how they achieve that?
They're known for their creative cooking skills -and I don't mean food, I mean books.

Nobody really has had any luck pulling their accurate numbers...even the Italians themselves lost track
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Old 07.04.2011, 21:38
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Re: Portugal calls for EU financial bail-out

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I already predicted this on another thread ( one of the financial ones?) but then I also predicted that the Euro would split-that Germany would get fed up and pull out, the Euro still seems to be doing OK.

Oh hang on the Euro is on the slide.

Noce to see the word 'Peripheral Europe' creeping in - where is 'Peripheral Europe'?


http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/04/07/bloomberg1376-LJ9T3H0YHQ0X01-34M4DHG2NMFR4VSBUPLKBSPIQO.DTL

Still Germany says that there is enough money to bail Portugal out even though the German tax-payers are beginning to complain and Merkel's party isn't exactly doing too well in elections.

Oh Yummy interest rates are up
Germany benefits from the EU; it's the PIIGS who get hammered because they lag behind the rest & they're not compatible with the union.
Not only Ireland is doing bad, there is Belgium in the north also...they too need to go but they're the capital of the EU agrrr
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Old 07.04.2011, 23:15
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Re: Portugal calls for EU financial bail-out

I have to write this...I always felt it was a smart move by Switzerland not to join the EU or its currency. EU is a failure and needs to make some big changes if it is to continue. EU thought that they would become a "European United States" but it hasn't worked out that way. The richer members have to bail out the poorer ones who shouldn't have been in the EU with the big players in the first place. Who's next-Spain?
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Old 08.04.2011, 00:47
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Re: Portugal calls for EU financial bail-out

On Twitter today:

A Greek, a German, a Portugese and an Irish man walk into a bar. The German pays.

Last edited by Stifoan; 08.04.2011 at 01:48.
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