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Portugal

Portuguese Prime Minister Pedro Passos Coelho Headlines

  • Country will not ask for bailout re-negotiations, country won’t need more money
  • Portugal’s bailout will not fail due to internal reasons
  • If country cannot return to markets at end of bailout for external reasons, EU/IMF will help

EU Portugal Bailout

  • EU says EFSF, EFSM, IMF to each finance 1/3 of Portugal aid
  • Approval of EU78 billion aid for Portugal was unanimous
  • Calls Portugals deficit cuts ‘ambitious but credible’
  • Portugals aid program to run for 3 years
  • ‘Encourages’ investors to keep ‘voluntary’ Portugal exposure

Portugal’s Socrates to Make Statement at 19:00GMT

Prime Minister of Portugal José Sócrates will be making a statement at 19:00GMT or 3PM EST.

Portugal’s Rating Cut to BBB-

Portugal’s Rating Cut to BBB- by Fitch, may be cut to junk.

S&P Lowers Portugal Rating

S&P lowers Portugal to BBB- for BBB, A-3 at S&P , Outlook negative.

Bobbys Corner-Open Market-March.25.2011

bob-slade-forex-trading-7-150x200Good Morning:

Portugal was downgraded after the prime minister resigned when legislators rejected new austerity measures.  S&P lower Portugal’s long term sovereign credit rating-short term ratings remain on negative watch.  S&P stated that “the resulting increased political uncertainty could hurt market confidence and heighten Portugal’s refinancing risk”

Bobbys Corner-Open Market-March.24.2011

bob-slade-forex-trading-6-150x200Good Morning:  Portugal’s Prime Minister resigned after his legislators rejected his proposals for austerity measures in the wake of their debt crisis.  The failure to pass the austerity measures have put the country in a dire situation.  It looks like Portugal will need to follow Greece and Ireland and seek an international bailout.  Portugal had already raised taxes and has added deep spending cuts prior to the vote for additional austerity measures. The bailout cost is estimated to be approximately 100 billion euros. 

Bobbys Corner-Open Market-March.16.2011

bob-slade-forex-trading-6-150x200Good Morning:

We start this morning with news that Japan’s  nuclear reactor meltdown is still being sorted out-as smoke continues to billow out of the Fukushima nuclear plant.  Fears that the containment vessel in the #3 reactor has been breached seems to be the cause of the smoke and increased radiation levels.

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