Even if portugal needs a bailout the markets will gap down 1-2% and trade higher after the bailout they said over and over again they didn't need actually comes and saves them just like greece, ireland the US and so forth. At this point it wont make a difference, how many times have countries been saved over the last 2 years, this is just another hyped up non event.
easily for you to say: what about the banks? Greece got the bail out in May, why is their 10 yr. yield at 11.946% today? Because as recent as yesterday, there are analysts on CNBC saying Greece, Ireland will go default, and Portugal and SPain will follow AFTER they got the IMF, EU $$
The newest Wikileaks cables, however, state that Germany secretly wanted "explicit or implicit" control over the Greeks' budget process in exchange for financial assistance. This was feared, but denied by all parties. Other PIIGS countries may chafe at German control, if they wake up. By the way, wasn't a single Europe with German control and German currency the objective of the Nazis? Governments need to back out of these obsessive power and control scenarios.
Actually I can find interesting similarities with USA, the dollar as a world currency since WW2, the CIA, and so on...
Time for Portugal to take centre stage: "Germany and France want Portugal to accept aid: report" http://www.reuters.com/article/idUSTRE7070S620110108 Bloomberg chart of Portugal 10 year http://noir.bloomberg.com/apps/cbuilder?ticker1=GSPT10YR:IND "SNB refuses Portuguese bonds as security" http://www.ft.com/cms/s/0/7f1f14f4-1a6b-11e0-b003-00144feab49a.html "Portuguese bond yields near euro-era high" http://www.ft.com/cms/s/0/d2b3d95e-19c3-11e0-b921-00144feab49a.html?ftcamp=rss "Fears for Portugal grow as debt costs soar" http://www.ft.com/cms/s/0/e1bf1138-1a41-11e0-b003-00144feab49a.html snippets: "Portugal will sell between â¬750m and â¬1.25bn of bonds next Wednesday in what will be one of the most closely watched debt auctions of the new year." "Portuguese 10-year bond yields closed at 7.14 per cent amid worries that it will struggle to refinance â¬9.5bn of debt maturing in April and June. Significantly, Lisbon officials have said 10-year yields above 7 per cent are not sustainable. Traders said the ECB was buying Portuguese bonds on Friday to prevent a steeper sell-off."
France has debt equal to the combined debt of PIIGS. Focusing on the PIIGS by the media is a ways of diverting the attention away from France. France and England combined have more debt than the US. Some numbers: Total external debt of EU: 18 trillion Total external debt of US: 13 trillion yet, the media propaganda with the Marxist reporters is focussing on US debt when EU is about to collapse. More data: Total debt of PIIGS: 4.5 Trillion Total debt of Germany: 4.5 trillion yet, the media propaganda is focusing on the PIIGS, countries with enough agricultural production to survive any crisis during which the Germans will not be able to sell more than 100 BMWs and will be forced to exchange one Mercedes for 1 pound of flower. Total debt of Germany and France together: 9 trillion Yet, these two countries try to be the boss of countries like Italy, Greece and Spain with long history and substantial culture. Something smells bad here.
Portugal could be the proverbial straw. . . <IMG SRC=https://admin.minyanville.com/assets/FCK_Jan2011/File/LisaCatchDEC2010/squash4BIG.jpg> Note that the #s are from May, so it's kind of old. But it does show the crazy interconnectedness of the whole mess.