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Thursday, February 4, 2010

Portugalmination 2.0

The day finished at -5% here in Portugal and -6% at our neighbours Spain. Financial markets now have Portugal on the spot light due to their lack of a plan to cut the deficit which was presented to be 9,6%.

Adding the lack of competitiveness and no will to cut the government expenses of course it puts everyone nervous. When the Financial Minister came to the newspapers and saying "Poor us, now we fall pray to those damn speculators..." Sure ma man...if only we had a good economy and public finances... investors are not stupid. They see risk in Portuguese debt and that's why their fleeing to other lands and demanding a lot more yield... Don't make investors or rating agencies the expiatory goats in this matter...

As for S&P, nothing new that we haven't been following the past weeks. I could say I'm on fire...but I won't, that would be to conceded of me ( Uoopsss!! ).

This is what today felt like:

Red across all the board pretty much. And be prepared to expect a bit more of this... I think as I said a couple days ago, 1000-1013 pts might be the only stopping point now, before any meaningful bounce.

For one, I'll be awaiting tomorrow's portuguese stock market to open... will it be another blood day or will it be a hope day?

Note: Don't forget Free Week is being offered by EWI, with their paid subscriptions that are accessible free until Feb 11th, so take advantage of it ;)
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