A nossa situação financeira vista da América...
After insisting for weeks that they wouldn't be forced into a bailout by an uppity bond market, Portuguese officials gave in to the inevitable Wednesday and said they would seek financial help from the European Union.
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But let no one say the Portuguese are going quietly. In throwing in the towel, Finance Minister Fernando Teixeira Dos Santo did his best imitation of the fallen Wall Street chiefs Dick Fuld [o último Chairman and Chief Executive Officer do Lehman Brothers] and Jimmy Cayne [CEO do Bear Stearns].
He blamed not his government's policies or his economy's poor performance, but the evil speculators who he claimed drove Portugal unfairly into the arms of official lenders who will demand tough terms.
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How it could have been avoided wasn't clear. Portugal has been running a fiscal deficit for years; it recently reached 8.6%, much higher than the 7% or so the government had been shooting for. The economy hasn't grown as much as an anemic 2% in at least six years, and publicly held debt is a troubling 83% and climbing.
The International Monetary Fund said last year that the economy, which contracted nearly 3% in 2009, is hamstrung by "long-standing imbalances, including low productivity, weak competitiveness, and high debt.
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The bailout request wasn't surprising, given this month's surge in interest rates on Portuguese debt. The government sold 1 billion euros ($1.4 billion) of short-term debt Tuesday at rates as high as 5.9% for a single year. One-year U.S. government debt fetches 0.30%, by comparison.
partes do artigo de Colin Barr publicado na Fortune (via Sol)
...
But let no one say the Portuguese are going quietly. In throwing in the towel, Finance Minister Fernando Teixeira Dos Santo did his best imitation of the fallen Wall Street chiefs Dick Fuld [o último Chairman and Chief Executive Officer do Lehman Brothers] and Jimmy Cayne [CEO do Bear Stearns].
He blamed not his government's policies or his economy's poor performance, but the evil speculators who he claimed drove Portugal unfairly into the arms of official lenders who will demand tough terms.
...
How it could have been avoided wasn't clear. Portugal has been running a fiscal deficit for years; it recently reached 8.6%, much higher than the 7% or so the government had been shooting for. The economy hasn't grown as much as an anemic 2% in at least six years, and publicly held debt is a troubling 83% and climbing.
The International Monetary Fund said last year that the economy, which contracted nearly 3% in 2009, is hamstrung by "long-standing imbalances, including low productivity, weak competitiveness, and high debt.
...
The bailout request wasn't surprising, given this month's surge in interest rates on Portuguese debt. The government sold 1 billion euros ($1.4 billion) of short-term debt Tuesday at rates as high as 5.9% for a single year. One-year U.S. government debt fetches 0.30%, by comparison.
partes do artigo de Colin Barr publicado na Fortune (via Sol)
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