Again this news means nothing, cnbc had it as a new alert and I just laughed, how is this a news alert, the market doesnt care about what countries need financing assistance, this whole global economy is being pumped up with trillions so whats the big deal if Portugal needs another $100 Billion or so, its just money, right. They make it sound like they are in trouble, all they need is another bailout like the rest of the world and everything is fine and dandy, why anyone would be sweating over this is beyond me. NEXT!!!!! Portugal Seeks Financial Aid From European Union CNBC staff and wire reports | April 06, 2011 | 04:01 PM EDT Portugal's prime minister said Wednesday his country has asked for financing assistance from the European Union due to its high debts and difficulty raising money on international markets. "The government decided today to ask the European Commission for financial help," Prime Minister Jose Socrates said. Portugal becomes the third financially troubled eurozone country after Greece and Ireland to request assistance from Europe's bailout fund and the International Monetary Fund. Analysts expect Portugal will need up to â¬80 billion ($114.4 billion). Such an announcement had long been expected as Portugal, one of the 17-nation eurozone's smallest and weakest economies, struggled to finance its economy. Earlier Wednesday, the nation's finance minister acknowledged Portugal was considering asking for financial assistance. "In this difficult situation, which could have been avoided, I understand that it is necessary to resort to the financing mechanisms available within the European framework," said Finance Minister Fernando Teixeira dos Santos.
I can't remember correctly, I know it's either Portugal or Spain, that insists his country is fine, ABSOLUTELY no need for $. And Maria Bartriromo was interviewing that person. Who's it? Because it seems ea. time some country fly all the way to CNBC and insist their country is fine, a few mth. later, they went belly up. Now, just the other day, Italy's president fly all the way to CNBC and insists the exact same thing, so if the pattern fits
1. This news doesn't matter because it was expected and already priced in. 2. Portugal is a very small drop in the global bucket.
I love how they have kept saying on the wires that Portugal is fine and they have not asked for help and then "BAM" we need help we are in serious trouble. Truly pathetic.
^ Agree with the fact that the markets had already adjusted to this expectation, but it's still fascinating news! Think back to fall/ early winter when everybody was wondering whether Portugal (and therefore Spain) would follow in the footsteps of Ireland... Several months later the Middle East and Pacific flare up in the news, the EU bubbles down... but here it is again! So assuming Spain goes under as well... then what?