Portugal budget talks collapse, threatening crisis

Ulster-Lad

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Budget talks between Portugal's Socialist government and the main opposition party ended on Wednesday without a deal, raising the risk of a political and financial crisis in one of the euro zone's weakest members.
Socrates has threatened to resign if the budget is not approved and ministers have warned that Portugal could be forced to seek a financial rescue, as Greece did earlier this year.
* Finance minister says there will be no further talks

* Bond spreads widen on news talks ended without deal

* Portugal may be forced to seek rescue early 2011-analyst
UPDATE 2-Portugal budget talks collapse, threatening crisis | Reuters

Portugal may beat us and default first. Not good news here either.
 


loner

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Perhaps we should loan some of our better Ministers to them---would suggest Lenny and Gormless and transfer Ryan on permanent loan--he would electrify them .
 

FakeViking

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Perhaps we should loan some of our better Ministers to them---would suggest Lenny and Gormless and transfer Ryan on permanent loan--he would electrify them .
Lenny's Portugese is probably as good as his French. Pity about his economics! :lol:
 

Hewson

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Lenny's Portugese is probably as good as his French. Pity about his economics! :lol:
But neither is as good as Cowen's Greek. He was on the News at One droning on in the usual incoherent, slurring, mumbling way only he knows. How in God's name does anyone get a handle on what he's saying, much less make sense of whatever it is he's trying to say.

A national embarrassment who needs to sign himself in somewhere for treatment followed by elocution lessons.
 

Cassandra Syndrome

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Lovely. Get in the popcorn. Lets wait for the pathetic excuses about the stability of EU now from the Eurotron posters here.

"Socrates has threatened to resign..."?

Wouldn't blame him. The whole project is completely devoid of the human condition at this stage from the Skynet operatives in Brussels.

What age is Socrates now? 2000 years of pension payments?. He must be minted.
 

FakeViking

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But neither is as good as Cowen's Greek. He was on the News at One droning on in the usual incoherent, slurring, mumbling way only he knows. How in God's name does anyone get a handle on what he's saying, much less make sense of whatever it is he's trying to say.

A national embarrassment who needs to sign himself in somewhere for treatment followed by elocution lessons.
Remember his predecessor won 3 GE's! We can only blame ourselves. :evil:
 

Ulster-Lad

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redhead101

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Hilarious! Gormley was in the Dail today singing the praises of the Portugese budget 'consensus' process.

Looks like he gave them the Green Party Kiss of Death!
 

DCon

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Lovely. Get in the popcorn. Lets wait for the pathetic excuses about the stability of EU now from the Eurotron posters here.

"Socrates has threatened to resign..."?

Wouldn't blame him. The whole project is completely devoid of the human condition at this stage from the Skynet operatives in Brussels.

What age is Socrates now? 2000 years of pension payments?. He must be minted.
Meanwhile, in Athens:

Deficit that sparked Greek crisis tops 15 pct-finmin

The cost of insuring Greek debt against default rose on Wednesday as risk aversion to the sovereign continued to grow after a series of negative comments, while bonds sharply underperformed German debt.

Five-year credit default swaps (CDS) on Greek government debt rose to 730 basis points, up 49 bps according to data monitor Markit.
UPDATE 3-Deficit that sparked Greek crisis tops 15 pct-finmin | Reuters
 

Barnacle

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Perhaps we should loan some of our better Ministers to them---would suggest Lenny and Gormless and transfer Ryan on permanent loan--he would electrify them .
Yeah, Lenny would keep telling them that they have turned corners (so many corners, not enough time). They would be so dizzy they would probably meet themselves coming backwards.
 

Ulster-Lad

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Hilarious! Gormley was in the Dail today singing the praises of the Portugese budget 'consensus' process.

Looks like he gave them the Green Party Kiss of Death!
Too ironic. Should we expect a statement from Gormley?
 

FreshStart

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Hmmm, this is interesting. The Portugese coalition is falling apart and they can't elect a new government until May 2011 because of Presidential elections in January.

I'm not sure if this is a storm in a teacup or whether the smaller coalition sees a chance for more power in a caretaker government. If the situation continues, Portugal will definitely have to access EU/IMF funds as from what I can see their yields are soaring already.

Perhaps we should now be predicting how the dominoes will fall. Greece, Portugal, Belgium, Spain, Ireland. Yup, we'll be that foolish and looking for scraps when it's finished.
 

FreshStart

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Not that I particularly care but if I was a Green Party member, I would be demanding an emergency meeting to vote on a walkout from the government. Of course, I'm speaking from a self-centred point of view. I wouldn't fancy campaigning as a Green at this stage. I mean, can you imagine the abuse at the doorsteps?
 

Ulster-Lad

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The question remains as to who will default first, Portugal or Ireland. The bonds for both countries are rising.
 

True Republican

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Not that I particularly care but if I was a Green Party member, I would be demanding an emergency meeting to vote on a walkout from the government. Of course, I'm speaking from a self-centred point of view. I wouldn't fancy campaigning as a Green at this stage. I mean, can you imagine the abuse at the doorsteps?
The Greens will be destroyed at the next election regardless, sure aren't they looking for corporate donations to be banned.

Regarding an EU bailout we might as well get to the top of the queue.
 

Ulster-Lad

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The Greens will be destroyed at the next election regardless, sure aren't they looking for corporate donations to be banned.

Regarding an EU bailout we might as well get to the top of the queue.
BRUSSELS (AP) — European Union governments put up hundreds of billions of euros earlier this year to keep financially troubled members like Greece or Ireland from defaulting on their debts. Now Germany is pushing to let hopelessly indebted governments do exactly that — admit they can't pay and hit bond investors with the costs instead of taxpayers.
Merkel wants orderly way for eurozone governments to default _ and avoid expensive bailouts - chicagotribune.com

Merkel is now pushing for orderly defaults in Europe. :rolleyes:
 

Squire Allworthy

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It will be interesting to see how they manage that trick. Let me see Ireland, Portugal and a few others default and they think it will be orderly and contained? When someone defaults someone else does not get paid. Now who are the creditors? Keep downing the Schnaps and everything will make sense.

The IMF and ECB will be busy.
 

DCon

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IMO its undeniable now that the euro is an unmitigated disaster.

Ireland should never have been part of it.
If we weren't, I would hate to see the level of Quntitative Easing Lenny and the BIFF would be signing off on..
 


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