Moody’s may cut Portugal’s rating further December 21, 2010 CREDIT rating agency Moody’s Investor Service has warned that debt-ridden Portugal’s A1 rating may be the next to be downgraded by one or two notches after a review that will take up to three months. The agency attributed the change to the EU state’s weak growth prospects and high borrowing costs – but said its [...]
Insuring euro debt leaps to record highs November 25, 2010 THE cost of insuring Spanish, Portuguese and Belgian debt is at or close to record highs, with Ireland’s bailout crisis spilling into the bond markets of other peripheral Eurozone countries. Ten-year credit default swaps (CDS) on Spanish government debt are at record highs, reaching 312 basis points (bps) yesterday. That means that it costs €312,000 [...]
Insuring euro debt leaps to record highs November 25, 2010 THE cost of insuring Spanish, Portuguese and Belgian debt is at or close to record highs, with Ireland’s bailout crisis spilling into the bond markets of other peripheral Eurozone countries. Ten-year credit default swaps (CDS) on Spanish government debt are at record highs, reaching 312 basis points (bps) yesterday. That means that it costs €312,000 [...]
IRELAND BETS ALL ON DRASTIC CUTS November 24, 2010 THE Irish government today released a four-year austerity plan described as “draconian” and “staggeringly austere” by analysts, with €15bn (£12.6bn) of budget cuts planned by 2014. But the measures failed to placate the markets, where Irish bond yields continued to rise on fears that the government will be unable to get the cuts through parliament: [...]
IRELAND BETS ALL ON DRASTIC CUTS November 24, 2010 THE Irish government today released a four-year austerity plan described as “draconian” and “staggeringly austere” by analysts, with €15bn (£12.6bn) of budget cuts planned by 2014. But the measures failed to placate the markets, where Irish bond yields continued to rise on fears that the government will be unable to get the cuts through parliament: [...]
Bailout chaos fails to cheer markets November 23, 2010 MARKETS continued to tumble and peripheral Eurozone gilt yields jumped yesterday as Ireland’s political turmoil added to the uncertainty surrounding its bailout. The Eurostoxx 50 saw 1.5 per cent wiped off its value, sliding to 2,745 while the Irish ISEQ 20 index lost two per cent to close at 432. In a sign of contagion [...]
IRISH BAILOUT FAILS TO CHEER INVESTORS November 22, 2010 Markets fall and bond yields continue to rise Cowen resists snap election call ahead of budget UK confirms intention to offer £7bn in loans MARKET turmoil failed to subside yesterday in spite of the announcement of a multi-billion euro Irish bailout. As the Irish governing coalition threatened to fall apart and independent MPs said they [...]
IRISH BAILOUT FAILS TO CHEER INVESTORS November 22, 2010 Markets fall and bond yields continue to rise Cowen resists snap election call ahead of budget UK confirms intention to offer £7bn in loans MARKET turmoil failed to subside yesterday in spite of the announcement of a multi-billion euro Irish bailout. As the Irish governing coalition threatened to fall apart and independent MPs said they [...]
Eurozone dominoes teeter on the brink November 22, 2010 PORTUGAL’S future was hanging by a thread last night as ministers desperately tried to deflect fears it will be the next Eurozone domino to fall. Portugal’s Prime Minister Jose Socrates was defiant, claiming: “The country does not need any help… What the country needs is to do what is necessary, to approve the budget, and [...]
Eurozone dominoes teeter on the brink November 22, 2010 PORTUGAL’S future was hanging by a thread last night as ministers desperately tried to deflect fears it will be the next Eurozone domino to fall. Portugal’s Prime Minister Jose Socrates was defiant, claiming: “The country does not need any help… What the country needs is to do what is necessary, to approve the budget, and [...]