*Tema mítico* : Hilo oficial sobre Portugal , nuestro shurmano.

Azrael_II

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Ya va siendo hora de que Portugal sea noticia, todos nuestros medios de comunicación han ignorado al pais vecino en los ultimos 200 años... Ahora es la hora de hablar de ellos porque es nuestro "shurmano" peninsular y despues de el vamos nosotros.


CDS

Portugal 182.36 +27.53 +17.78

CMA | Market Data
 

overdrive1979

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Cuando Portugal esté en la misma situación que está Grecia ahora, entonces si habrá panico en España. :tragatochos:
Lo de Grecia, pese a estar en la UE, suena a lejano para el populacho español.
 
R

rafaxl

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Me apunto al seguimiento de los lusos, la primera señal....CR9... xD.

A ver en que acaba todo esto pero viendo como han subido en dos dias los CDS otra vez...ni 30k millones ni pamplinas.

Un saludo.
 

Touching_Balls

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Si os hermanos portugueses con un 10% de paro son SHURMANOS....

Os Espanhoes (20% de paro) que sómos? :confused:
 

Azrael_II

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Los temores sobre la deuda en algunos países de la Eurozona no se disipan. Y muestra de ello es que la rentabilidad de los bonos griegos a 10 años ha vuelto a superar el 7% en una jornada en la que Bruselas le pedía a Portugal más medidas para recortar su déficit. Soros cuestiona el plan de ayuda a Grecia: los intereses son "demasiado altos".

La rentabilidad de los bonos griegos a 10 años ha vuelto a superar hoy el 7%, después de que cayera por debajo de este nivel el lunes tras el anuncio de la Unión Europea de que su plan de ayuda ponía a disposición de Grecia 30.000 millones de euros en préstamos, a los que había que sumar 15.000 millones concedidos por el Fondo Monetario Internacional (FMI).

El nivel del 7% marca, según Atenas, un nivel de préstamo insostenible para el país. El diferencial de rentabilidad de los bonos griegos a 10 años con el bund alemán (utilizado como referencia por el mercado por su solvencia y calidad) se ha situado hoy en el entorno de los 390 puntos básicos.
Toque de Bruselas a Portugal

La Comisión Europea consideró hoy que "podría ser necesario" que Portugal adopte más medidas de consolidación fiscal este año para lograr el objetivo de reducir su déficit hasta el 3% del PIB en 2013 desde el 9,4% registrado en 2009.

"El programa de estabilidad portugués es ambicioso y bastante concreto para los años 2011-2013, pero podrían ser necesarias más medidas de consolidación fiscal, especialmente para este año, si los riesgos macroeconómicos y fiscales se materializan", dijo el comisario de Asuntos Económicos y Monetarios, Olli Rehn.

Preguntado en rueda de prensa por el efecto que la evaluación de la Comisión producirá sobre la credibilidad de Portugal, a la luz de lo sucedido con Grecia, Rehn aseguró que la Comisión "no tiene otra opción que hacer una lectura correcta y honesta" del programa portugués, pues de lo contrario podría dañar a la credibilidad de la institución "y la situación sería peor".

Además de los riesgos señalados, la Comisión Europea consideró que el plan portugués está efectuado sobre la asunción de un escenario macroeconómico algo optimista, lo que podría dañar la consolidación fiscal, que también es un factor importante "para reducir los desequilibrios externos" y de competitividad.

El comisario Rehn consideró asimismo que las medidas especificadas para los próximos años, más allá de 2010, "deben ser implementadas para lograr la meta de 2013"
Día de colocaciones de deuda

Esta mañana Portugal ha colocado bonos a 2 y 10 años por valor de 2.000 millones. En concreto, ha obtenido 1.195 millones para los títulos a 10 años, y ha tenido que pagar un 4,34%. La demanda ha sido de 1.880 millones de euros. En cuanto a los títulos a 2 años, el interés ha sido del 1,715%, y ha obtenido 805 millones. La demanda ascendió a 2.015 millones.

Italia, por su parte, ha colocado cerca de 6.000 millones en bonos a 5 y 15 años (con rentabilidades del 2,63% y del 4,39%, respectivamente), mientras que Alemania ha emitido títulos a cinco años por valor de 5.740 millones.

Portugal y Grecia también han visto como subían los seguros contra el impago de su deuda. En concreto, los CDS del país heleno ganaban 30 puntos básicos, más que ningún otro, hasta los 405,5 puntos, mientras que los portugueses le seguían con ascensos del 23,7 puntos, hasta los 172,65 puntos. Los de Italia y España suben, pero de manera más moderada: 5,2 y 4,8 puntos respectivamente.

Hoy Fitch también ha especulado hoy con que la activación de la ayuda de Grecia podría llegar en una o dos semanas, mientras que en Alemania el Handelsblatt publica que ya se estarían cerrando los términos de los créditos para los tres próximos años y que podrían ascender a 90.000 millones de euros. Bruselas ha contestado señalando que son especulaciones.

La atención recae sobre Portugal mientras se alarga la pesadilla de Grecia - 2 - 14/04/10 - 2058475 - elEconomista.es
 

Eddy

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The Next Global Problem: Portugal


Peter Boone is chairman of the charity Effective Intervention and a research associate at the Center for Economic Performance at the London School of Economics. He is also a principal in Salute Capital Management Ltd. Simon Johnson, the former chief economist at the International Monetary Fund, is the co-author of 13 Bankers.

The bailout of Greece, while still not fully consummated, has brought an eerie calm in European financial markets.

It is, for sure, a huge bailout by historical standards. With the planned addition of International Monetary Fund money, the Greeks will receive 18 percent of their gross domestic product in one year at preferential interest rates. This equals 4,000 euros per person, and will be spent in roughly 11 months.

Despite this eye-popping sum, the bailout does nothing to resolve the many problems that persist. Indeed, it probably makes the euro zone a much more dangerous place for the next few years.

Next on the radar will be Portugal. This nation has largely missed the spotlight, if only because Greece spiraled downward. But both are economically on the verge of bankruptcy, and they each look far riskier than Argentina did back in 2001 when it succumbed to default.

Portugal spent too much over the last several years, building its debt up to 78 percent of G.D.P. at the end of 2009 (compared with Greece’s 114 percent of G.D.P. and Argentina’s 62 percent of G.D.P. at default). The debt has been largely financed by foreigners, and as with Greece, the country has not paid interest outright, but instead refinances its interest payments each year by issuing new debt. By 2012 Portugal’s debt-to-G.D.P. ratio should reach 108 percent of G.D.P. if the country meets its planned budget deficit targets. At some point financial markets will simply refuse to finance this Ponzi game.

The main problem that Portugal faces, like Greece, Ireland and Spain, is that it is stuck with a highly overvalued exchange rate when it is in need of far-reaching fiscal adjustment.

For example, just to keep its debt stock constant and pay annual interest on debt at an optimistic 5 percent interest rate, the country would need to run a primary surplus of 5.4 percent of G.D.P. by 2012. With a planned primary deficit of 5.2 percent of G.D.P. this year (i.e., a budget surplus, excluding interest payments), it needs roughly 10 percent of G.D.P. in fiscal tightening.

It is nearly impossible to do this in a fixed exchange-rate regime — i.e., the euro zone — without vast unemployment. The government can expect several years of high unemployment and tough politics, even if it is to extract itself from this mess.

Neither Greek nor Portuguese political leaders are prepared to make the needed cuts. The Greeks have announced minor budget changes, and are now holding out for their 45 billion euro package while implicitly threatening a messy default on the rest of Europe if they do not get what they want — and when they want it.

The Portuguese are not even discussing serious cuts. In their 2010 budget, they plan a budget deficit of 8.3 percent of G.D.P., roughly equal to the 2009 budget deficit (9.4 percent). They are waiting and hoping that they may grow out of this mess — but such growth could come only from an amazing global economic boom.

While these nations delay, the European Union with its bailout programs — assisted by Jean-Claude Trichet’s European Central Bank — provides financing. The governments issue bonds; European commercial banks buy them and then deposit these at the European Central Bank as collateral for freshly printed money. The bank has become the silent facilitator of profligate spending in the euro zone.

Last week the European Central Bank had a chance to dismantle this doom machine when the board of governors announced new rules for determining what debts could be used as collateral at the central bank.

Some anticipated the central bank might plan to tighten the rules gradually, thereby preventing the Greek government from issuing too many new bonds that could be financed at the bank. But the bank did not do that. In fact, the bank’s governors did the opposite: they made it even easier for Greece, Portugal and any other nation to borrow in 2011 and beyond. Indeed, under the new lax rules you need only to convince one rating agency (and we all know how easy that is) that your debt is not junk in order to get financing from the European Central Bank.

Today, despite the clear dangers and huge debts, all three rating agencies are surely scared to take the politically charged step of declaring that Greek debt is junk. They are similarly afraid to touch Portugal.

So what next for Portugal?

Pity the serious Portuguese politician who argues that fiscal probity calls for early belt-tightening. The European Union, the European Central Bank and the Greeks have all proven that the euro zone nations have no threshold for pain, and European Union money will be there for anyone who wants it. The Portuguese politicians can do nothing but wait for the situation to get worse, and then demand their bailout package, too. No doubt Greece will be back next year for more. And the nations that “foolishly” already started their austerity, such as Ireland and Italy, must surely be wondering whether they too should take the less austere path.

There seems to be no logic in the system, but perhaps there is a logical outcome.

Europe will eventually grow tired of bailing out its weaker countries. The Germans will probably pull that plug first. The longer we wait to see fiscal probity established, at the European Central Bank and the European Union, and within each nation, the more debt will be built up, and the more dangerous the situation will get.

When the plug is finally pulled, at least one nation will end up in a painful default; unfortunately, the way we are heading, the problems could be even more widespread.
 

Azrael_II

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Mirad un banquito portugues, que grafica!!!
 

Azrael_II

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Es de la Caixa Geral de Depositos, S.A (Portugal)
 

tplink888

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The Next Global Problem: Portugal


Peter Boone is chairman of the charity Effective Intervention and a research associate at the Center for Economic Performance at the London School of Economics. He is also a principal in Salute Capital Management Ltd. Simon Johnson, the former chief economist at the International Monetary Fund, is the co-author of 13 Bankers.

The bailout of Greece, while still not fully consummated, has brought an eerie calm in European financial markets.

It is, for sure, a huge bailout by historical standards. With the planned addition of International Monetary Fund money, the Greeks will receive 18 percent of their gross domestic product in one year at preferential interest rates. This equals 4,000 euros per person, and will be spent in roughly 11 months.

Despite this eye-popping sum, the bailout does nothing to resolve the many problems that persist. Indeed, it probably makes the euro zone a much more dangerous place for the next few years.

Next on the radar will be Portugal. This nation has largely missed the spotlight, if only because Greece spiraled downward. But both are economically on the verge of bankruptcy, and they each look far riskier than Argentina did back in 2001 when it succumbed to default.

Portugal spent too much over the last several years, building its debt up to 78 percent of G.D.P. at the end of 2009 (compared with Greece’s 114 percent of G.D.P. and Argentina’s 62 percent of G.D.P. at default). The debt has been largely financed by foreigners, and as with Greece, the country has not paid interest outright, but instead refinances its interest payments each year by issuing new debt. By 2012 Portugal’s debt-to-G.D.P. ratio should reach 108 percent of G.D.P. if the country meets its planned budget deficit targets. At some point financial markets will simply refuse to finance this Ponzi game.

The main problem that Portugal faces, like Greece, Ireland and Spain, is that it is stuck with a highly overvalued exchange rate when it is in need of far-reaching fiscal adjustment.

For example, just to keep its debt stock constant and pay annual interest on debt at an optimistic 5 percent interest rate, the country would need to run a primary surplus of 5.4 percent of G.D.P. by 2012. With a planned primary deficit of 5.2 percent of G.D.P. this year (i.e., a budget surplus, excluding interest payments), it needs roughly 10 percent of G.D.P. in fiscal tightening.

It is nearly impossible to do this in a fixed exchange-rate regime — i.e., the euro zone — without vast unemployment. The government can expect several years of high unemployment and tough politics, even if it is to extract itself from this mess.

Neither Greek nor Portuguese political leaders are prepared to make the needed cuts. The Greeks have announced minor budget changes, and are now holding out for their 45 billion euro package while implicitly threatening a messy default on the rest of Europe if they do not get what they want — and when they want it.

The Portuguese are not even discussing serious cuts. In their 2010 budget, they plan a budget deficit of 8.3 percent of G.D.P., roughly equal to the 2009 budget deficit (9.4 percent). They are waiting and hoping that they may grow out of this mess — but such growth could come only from an amazing global economic boom.

While these nations delay, the European Union with its bailout programs — assisted by Jean-Claude Trichet’s European Central Bank — provides financing. The governments issue bonds; European commercial banks buy them and then deposit these at the European Central Bank as collateral for freshly printed money. The bank has become the silent facilitator of profligate spending in the euro zone.

Last week the European Central Bank had a chance to dismantle this doom machine when the board of governors announced new rules for determining what debts could be used as collateral at the central bank.

Some anticipated the central bank might plan to tighten the rules gradually, thereby preventing the Greek government from issuing too many new bonds that could be financed at the bank. But the bank did not do that. In fact, the bank’s governors did the opposite: they made it even easier for Greece, Portugal and any other nation to borrow in 2011 and beyond. Indeed, under the new lax rules you need only to convince one rating agency (and we all know how easy that is) that your debt is not junk in order to get financing from the European Central Bank.

Today, despite the clear dangers and huge debts, all three rating agencies are surely scared to take the politically charged step of declaring that Greek debt is junk. They are similarly afraid to touch Portugal.

So what next for Portugal?

Pity the serious Portuguese politician who argues that fiscal probity calls for early belt-tightening. The European Union, the European Central Bank and the Greeks have all proven that the euro zone nations have no threshold for pain, and European Union money will be there for anyone who wants it. The Portuguese politicians can do nothing but wait for the situation to get worse, and then demand their bailout package, too. No doubt Greece will be back next year for more. And the nations that “foolishly” already started their austerity, such as Ireland and Italy, must surely be wondering whether they too should take the less austere path.

There seems to be no logic in the system, but perhaps there is a logical outcome.

Europe will eventually grow tired of bailing out its weaker countries. The Germans will probably pull that plug first. The longer we wait to see fiscal probity established, at the European Central Bank and the European Union, and within each nation, the more debt will be built up, and the more dangerous the situation will get.

When the plug is finally pulled, at least one nation will end up in a painful default; unfortunately, the way we are heading, the problems could be even more widespread.
Que medidas ha tomado Italia ultimamente , para que de momento se hayan olvidado de ella , los especuladores , y el diario britanico hable de ellos bien :pienso: