Government ready at all times to negotiate on budget with opposition For his part PSD opposition bench leader says will not give “blank cheque” to government on budget. Elsewhere, Portuguese/German 10-year government bond yield spread tightens to 370 bps, 12 … Continue reading
Aim of budget is to remove threat from market doubts Situation would be much worse if we don’t take measures now Lack of confidence by markets is speculation We have to act quickly The PM was speaking before government presents … Continue reading
Signals from government budget are “worrying” All signs from government 2011 budget are negative Will make final decision on budget vote later
3-month yield 1.595% (previous 0.994%) Bid to cover ratio 3.0 (previous 2.5) 12-month yield 3.333% (previous 3.369%) Bid to cover ratio 2.8 (previous 1.6) Cool. EUR/USD has edged up to 1.3870.
Main priority for Portugal is to consolidate public accounts Need political consensus on 2011 budget Measures in austerity package not enough EUR/USD languishing close to session lows, presently at 1.3682 having been down to 1.3673. Sources note Asian buy orders … Continue reading
Opposes easiest path of hiking taxes Budget has to focus on spending cuts, not tax hikes Doesn’t feel obliged to pass any budget Awaiting govt budget proposal, will then decide
Govt cabinet meeting Wednesday
Just not looking hard enough. Money markets normalising, but not yet normal Markets “perhaps” overreacting on sovereign risk, Irish concerns (is it me or is “perhaps” just a little tentative) Situation with Portugal, Ireland not to be compared to Greece … Continue reading
WSJ article. Not that the ongoing travails of PIIGS are on the market’s radar scope today.