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Excerpt from: NSA Monitored Calls of 35 World Leaders; Mistrust Mounts: Merkel and Hollande to Change Intelligence Ties With US;…
With that backdrop, please consider Will Portugal Bring Down the Spanish Banking Sector?
Read this article: How to Lie Without Saying a Thing
View original post here: Portuguese Stew: 10-Year Bond Yield Spikes to 7.84%; Portugal’s President Once Again Pleads for "National Salvation"…
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In an interesting development in the battle to see which country is bright enough to exit the euro first, a book urging a return to the Escudo (the prior Portuguese currency) became an instant a bestseller in Portugal. The Wall Street Journal reports Idea of Euro Exit Finds Currency in Portugal . A book by a Portuguese economist achieved a small feat on its release last month: It instantly topped Portugal’s bestseller list, overtaking several diet books and even the popular erotic novel “Fifty Shades of Grey.” The book, “Why We Should Leave the Euro” by João Ferreira do Amaral, has helped ignite a public debate in Portugal about the real cause of the country’s economic pain: Is it only the hated austerity needed to secure European bailout loans, or is the euro?
Steen Jakobsen, chief economist at Saxo Bank in Denmark has some interesting "stress" charts in this week’s email. click on any chart for sharper image European Demand Deposits Steen writes: "Europe’s depositors – mainly the weak Club Med states (Greece+ Portugal) continue to take money out of the country – even increasing the speed with which they do it." Steen sarcastically added "Sure Mr. Draghi, the ECB has been a great success.
Slovenia Rules Out Bailout; Translation: "Slovenia Bailout Coming Right Up" An official denial is in: Slovenia Rules Out Bailout . Here is my interpretation: "A bailout is already in the works, only the date of the announcement is uncertain".
See the original article here: EU Warns Portugal on Austerity Measures; Portugal Faces Fresh Spending Cuts; Second Bailout Coming Up
Portugal’s Constitutional Court has ruled several key articles of the 2013 state budget unconstitutional.