12 janeiro 2011

the dam breaks in Portugal

Here is the Portuguese version from Economico for Lusophiles: “É mais fácil se tivermos um apoio externo, desde logo porque isso permite que o ajustamento não seja tão abrupto, mas feito sozinho, para os mercados acreditarem nele, teria que ser brutal. Com o apoio de uma dessas instituições (FMI ou Fundo Europeu) poderá ser menos abrupto”.
Meanwhile, Publico reports that “technical talks” are going on behind the scenes with the EU authorities and the IMF, with a plan likely to be in place by next week. This feels exactly like the final days – or hours – before Ireland gave in.
Evidently, there is a split at the central bank. Governor Carlos Costa still insists that a rescue can be avoided. “I have said it, and I will say it again: the Portuguese are solving their problems and have the ability to solve their problems themselves,” he said.
Well, Dr Costa, if you cannot hold your own board together, do you expect us to believe this?

Via Telegraph

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