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Strong demand for EU € 4 billion 15y bond in support of Ireland and Portugal

The European Union (EU) placed yesterday a € 4 billion bond with 15 years maturity, notifying strong investors' demand for this benchmark bond. The operation took place under the European Financial Stabilisation Mechanism (EFSM) and was carried out by the European Commission on behalf of the EU. From the proceeds Ireland and Portugal will receive € 2 billion each as further loans as part of their financial assistance packages, in line with the overall funding requirements.

Portugal GDP: Gross Domestic Product diminished 0.9% in real terms in the 2nd quarter 2011 - 2nd Quarter 2011

Summary
In the 2nd quarter 2011, GDP diminished 0.9%, in real terms, compared with the same period of 2010 (change rate of -0.5% in the previous quarter). This reduction reflected the strong negative contribution of domestic demand, due to all components, mainly Investment. The contribution of net external demand increased in the 2nd quarter 2011, with Imports of Goods and Services registering a more negative year on year change rate and Exports of Goods and Services maintaining a strong growth.

Portugal's Pedro Passos Coelho: Where is the money?

Pedro Passos Coelho 2Newly-elected Prime Minister Pedro Passos Coelho has this week cast doubt over the integrity and honesty of his predecessors in government by accusing them of not telling the full story when it came to the country’s accounts.

Portugal's debt agency IGCP slams Moody's as arrogant after downgrade

Portugal's public debt agency IGCP has criticized the rating agency Moody's as 'arrogant' in downgrading the country's credit rating to junk, the news agency Lusa said Friday. The IGCP sent an e-mail to investors who had bought Portuguese debt, telling them that the rating agency's 'superficial' decision was based on 'opinions rather than proof.' Moody's had been 'arrogant' in ignoring the opinion of the 'troika' formed by the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF), the IGCP said in a letter quoted by Lusa.

Merkel blasts Portugal work ethic

German Chancellor Angela Merkel has this week sparked a wave of outrage across Europe by calling on Portugal, Spain and Greece to raise their retirement ages and reduce their leave. She warned that German aid to these countries could be cast into doubt should southern European countries fail to adopt the work ethic of her countrymen.

 

"It's not just about getting any further into debt in countries such as Greece, Spain and Portugal, people should not be allowed to receive pension before their German counterparts", Angela Merkel told supporters at a political rally in Germany.

 

"We all have to put in some effort. This is important, we cannot have the same currency, yet some have an abundance of holiday leave and others have very little", reasoned the German Chancellor.

One year chart for Portugal 10 Year Bond

One year chart for Portugal 10 Year Bond

One-Year Chart for Portugal 10 Year (GSPT10YR:IND)

Germany and France want Portugal to accept aid but split over plans for European Economic Government

Both France and Germany want an economic government for Europe. The only problem is they have completely different things in mind. The conflict threatens to derail any chances of progress.

When German Chancellor Angela Merkel stood before reporters at the EU summit held in mid-December in Brussels, she took advantage of the opportunity to make a minor concession to neighboring France. "We have obviously been discussing the issue of an economic government for a long time," Merkel said. "What we are currently envisioning goes yet another step in this direction."

In an effort to gain some control over the euro crisis, the Europeans had agreed to replace the existing rescue fund for over-indebted euro-zone countries with a permanent mechanism. But there was also another matter that attracted less attention: At least as far as the French saw things, they were also supposed to be developing ideas for how to strengthen political cooperation between euro-zone member states on economic issues.

A few weeks on, little remains of the summit's spirit of harmony. At the moment, there is serious wrangling between Berlin and Paris over the details of the planned crisis mechanism. Indeed, the two governments have completely different conceptions of exactly what a European economic government would entail.

Comprehensive report on Portugal by Banco de Portugal - Financial Stability Report November 2010

 

The Portuguese financial system is facing several serious challenges, arising from the international financial instability, particularly marked in Europe during 2010, and worsened, in the Portuguese case, by the need of adjustment of structural imbalances, which are becoming more severe.

 

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