There is going to be trouble - big trouble imho Not that I favour violence but politicians living in luxury just don't seem to realize how dire it is for many others. If the Communists hadn't been exposed then they would have collected a lot of support. The rich are too rich and the whole system is terribly unfair.
What capitalism seems to forget, is that if you don't throw off enough scraps to the proletariats, eventually they will chop your head off.
Earlier in August "George Soros suggests Greece, Portugal quit euro-zone", see below: http://economictimes.indiatimes.com...rtugal-quit-euro-zone/articleshow/9600784.cms It seems nothing has changed: http://seekingalpha.com/article/302...-portugal-and-spain-should-leave-the-eurozone
The Euro zone was not a good idea. Members were to share a currency and balance things out with regard to their various debt problems via politics!! The members were somewhat of a cartel iow. Cartels, historically, have a terrible track record when it comes to maintaining unity, it's no different this time..
"Portugal Is Next: Improverished PIIG Demands US Assistance, Debt "Haircut" To Come Next" http://www.zerohedge.com/news/portu...-demands-us-assistance-debt-haircut-come-next http://online.wsj.com/article/BT-CO-20111019-705386.html "Portugal Sets General Strike For Nov 24 Amid Growing Austerity "
In the Good Old Days the elite didn't let loose the lunatics to manage the country just because of that very real threat ! Just 1 of the drawbacks of democracy I suppose.Nobody dare tell them they are wrong in case it hurts their feelings !!
why would any investor be willing to purchase gov't bonds or keep them now, given the real possibility of haircut any time and there's no protection even with CDS, the risk/reward is crap, to earn 5 - 7% with the possibility of a 50% haircut
The latest updates: http://abclocal.go.com/kgo/story?section=news/business&id=8431391 http://uk.reuters.com/article/2011/11/14/uk-portugal-gdp-idUKTRE7AD13R20111114 http://en.mercopress.com/2011/11/17...-in-the-imf-european-department-chief-removed