Will Portugal be the next Greece?

myp

myp

Jan 2009
5,841
50
With the crisis in Greece many have warned of similar fates for Portgual and Spain. Just today, the credit rating on Portugal's debt was reduced to AA- by Fitch Ratings. The rating agency also warned of future reductions unless the government changes its fiscal policy, which currently includes a lot of deficit spending. As a result, the Euro took another hit and reached a 10-month low against the USD earlier today.
 
David

David

Jul 2009
5,893
474
Port St. Lucie
myp said:
With the crisis in Greece many have warned of similar fates for Portgual and Spain. Just today, the credit rating on Portugal's debt was reduced to AA- by Fitch Ratings. The rating agency also warned of future reductions unless the government changes its fiscal policy, which currently includes a lot of deficit spending. As a result, the Euro took another hit and reached a 10-month low against the USD earlier today.
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I see a depression coming. And a civil war.
 
Dirk

Dirk

Apr 2009
1,943
5
Disunited Queendom
The question is whether there is such a strong left wing movement in Spain and Portugal. I know in a lot of Spain, there's a strong (left) libertarian tradition - Catalonia anyone? - but i'm uninformed on Portugal. I wonder if the movements can be coordinated?

I'm interested what will happen on International Workers' Day. It's traditionally a day of dissent, protest, liberation, trade unionism, activism, direct action and celebration. So i'm definitely looking forward to what will happen - especially with the General Strike. I don't know what i'm feeling, really - anticipation? I'll be in London then, to take part in the celebrations/protests there.
 
myp

myp

Jan 2009
5,841
50
Dirk said:
The question is whether there is such a strong left wing movement in Spain and Portugal. I know in a lot of Spain, there's a strong (left) libertarian tradition - Catalonia anyone? - but i'm uninformed on Portugal. I wonder if the movements can be coordinated?
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Left or right, it doesn't matter- what does is whether or not the deficits continue to stay that high.

Dirk said:
I'm interested what will happen on International Workers' Day. It's traditionally a day of dissent, protest, liberation, trade unionism, activism, direct action and celebration. So i'm definitely looking forward to what will happen - especially with the General Strike. I don't know what i'm feeling, really - anticipation? I'll be in London then, to take part in the celebrations/protests there.
Click to expand...
When is that? We have Labor Day here in the States' so I am not really familiar with International Workers Day.
 
myp

myp

Jan 2009
5,841
50
Ok, I cleaned up some of the random, off-topic chatter that led to the thread being closed in the first place since this topic just became a lot more relevant again.

The Euro took another beating today over the Greek bailout and the protests/violence in that country over austerity measures. Axel Weber of the European Central Bank (ECB) warned of a contagion effect and Moody's warned that is might cut Portugal's debt rating once more.

Bill Gross of Pacific Investment believes that Greece, Portugal, and Spain will have to restructure their debt and Erik Nielson of Goldman Sachs also said that he believes Greece will be forced to restructure in the coming year.

Portugal isn't looking too hot and if they do end up facing the same fate as Greece, it could bring the Euro significantly lower (again.)
 
David

David

Jul 2009
5,893
474
Port St. Lucie
myp said:
Ok, I cleaned up some of the random, off-topic chatter that led to the thread being closed in the first place since this topic just became a lot more relevant again.

The Euro took another beating today over the Greek bailout and the protests/violence in that country over austerity measures. Axel Weber of the European Central Bank (ECB) warned of a contagion effect and Moody's warned that is might cut Portugal's debt rating once more.

Bill Gross of Pacific Investment believes that Greece, Portugal, and Spain will have to restructure their debt and Erik Nielson of Goldman Sachs also said that he believes Greece will be forced to restructure in the coming year.

Portugal isn't looking too hot and if they do end up facing the same fate as Greece, it could bring the Euro significantly lower (again.)
Click to expand...

A fitting acronym to describe the nations that may fail, Portugal, Ireland, Greece, Spain. I'm not too hopeful in the ST.
 
Spontaneity

Spontaneity

Apr 2010
4
0
myp said:
Bill Gross of Pacific Investment believes that Greece, Portugal, and Spain will have to restructure their debt and Erik Nielson of Goldman Sachs also said that he believes Greece will be forced to restructure in the coming year.
Click to expand...
I think Mr. Gross is completely right in his assessment and even more European countries may be after that. There is no confidence in the system and no sign of it improving.
 
David

David

Jul 2009
5,893
474
Port St. Lucie
Spontaneity said:
I think Mr. Gross is completely right in his assessment and even more European countries may be after that. There is no confidence in the system and no sign of it improving.
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And a renewed recession will bring us back down as well. The South americans and Africans (the so called '3rd World') must be laughing their ----- off right now.
 
P

PCKen

May 2010
10
0
Does anyone know the story I was hearing rumor of bailout for portugal too but I'm not sure if they actually implemented it.
 
prasanth5

prasanth5

May 2010
73
0
Going by your explanation and study Portugal seems to be the next Greece! History wise Greece is better placed than Portugal.
 
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