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Portugal becomes the focus after Ireland bailout
Comments
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Apparently the UK could be forced to contribute more than £3 billion to any bailout package. The UK's share would be between €810 million and €3.7 billion via the commission's €440 billion bailout fund.
However, we will of course be making a profit on the deal...........
:whistle:There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
edinburgher wrote: »Also, who has the mandate to strike a deal if there's no government as such?
The President and Prime Minister.0 -
This goes to show that democracy doesn't work.
Have they thought where the money to fund government spending will come from?0 -
Yep, that was signed up by Darling 10th May 2010 - maybe somebody in Portugal can still sign stuff per pro...worldtraveller wrote: »Apparently the UK could be forced to contribute more than £3 billion to any bailout package.0 -
FT Alphaville have info on when Portugal need to rollover debt and pay yields:
Portugal’s negative cash flow
Also, found this piece by the WSJ to be very informative about the societal and structural problems in Portugal:
A Nation of Dropouts Shakes Europe"The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
worldtraveller wrote: »
However, we will of course be making a profit on the deal...........
:whistle:
Thought the UK was making a profit on the funds lent to bail out Eire........0 -
Thrugelmir wrote: »Thought the UK was making a profit on the funds lent to bail out Eire........
Is Eire going to be able to repay them? I doubt it. Their cost of borrowing is higher now than when it was bailed out. This suggests the bailout didn't work.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
Thrugelmir wrote: »Thought the UK was making a profit on the funds lent to bail out Eire........
On paper yes, but me being the cynic I am, I'm not so sure that the end result will be so. Re-negotiations are not out of the question and default still remains a possibility.There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
An interesting article HERE in the Wall Street Journal.
Some key points about Portugal:
- Portugal is the poorest country in Western Europe. It is also the least educated.
- Just 28% of the Portuguese population between 25 and 64 has completed high school. The figure is 85% in Germany, 91% in the Czech Republic and 89% in the U.S.
- The economy—government and private sector together—has run cumulative deficits with the rest of the world of more than €130 billion over the past decade. The state hasn't had a balanced budget, let alone a surplus, for more than 30 years.
- The government's debt, some of which is held domestically, will approach 90% of gross domestic product this year. The entire economy, including both the public and private sectors, owes foreigners an amount equal to more than two years' of economic output.
As per my post of the 12th January, "Portugal will not request financial aid for the simple reason that it's not necessary", said Mr Socrates.
Clearly, Mr Socrates (now ex-PM), should have a headline, stand up gig at the Comedy Club...;)There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
Is that all? The UK's public sector net debt is 150% of GDP, and rising at 12 points a year.worldtraveller wrote: »The government's debt, some of which is held domestically, will approach 90% of gross domestic product this year."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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