"We Don't Need A Bailout... We Don't Need A Bailout...Uh, We Need A Bailout": Portugal Admits To Needing EU Rescue

Tyler Durden's picture

Update: It's Official. Portugal is Bankrupt:  Portuguese finance minister says the country will have to use European Union mechanisms to resolve its debt problems, to make announcement at 8PM.

In the biggest shocker to come out just hours before the ECB's announcement tomorrow, which many see is a guaranteed rate hike, Journal de Negocios has just announced that according to the Portuguese Finance Minister, the country needs a bailout, after weeks and weeks of Greece-style denials. And yes, nobody could have foreseen this, and all that jazz.

From Negocios:

The Minister of Finance considers that Portugal has already asked for help. In a written response to questions raised by the Business, Fernando Teixeira dos Santos said that "it is necessary to refer to available funding mechanisms in the European framework".

and more:

Fernando Teixeira dos Santos believes that Portugal needs to ask for help, a set of questions in writing.

Business: Portugal must now ask for help as they appeal the bankers and economists in general? The debt that you have to pay in a year do not worry you?

Fernando Teixeira dos Santos: "The country has irresponsibly pushed a very difficult situation in financial markets. Given this difficult situation, which could have been avoided, I think it is necessary to refer to available funding mechanisms in the European context as appropriate to the current political situation. This will require also the involvement and commitment of major forces and political institutions."

Greece...Ireland... Portugal... Hello Spain.

In the meantime, the Greece short end is trading inside Portugal.

Oh, and we can't wait for the rate hike tomorrow.

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Gubbmint Cheese's picture

But they said they didn't need one... I'm stunned.. shocked..

/snark

Ruffcut's picture

That was yesterday. Today is a new day.

redpill's picture

We've always been at war with Eastasia.

bigdumbnugly's picture

no really, no more for me, i've had enough...

really...  i know my limit...

so pleasje, don't try talking me into...

aww, shcrew it.  gimme another.  thanksh...

is germany shtill the deshignated driver?

hic

Ahmeexnal's picture

How will the average eurotrailertrash react when they find out the massive bailout money China funneled into the EU to keep Greece, Ireland, Portugal and Spain on a commatose state for only mere months has on the other side of the trade EUROPEAN LAND AS COLLATERAL?

FeralSerf's picture

The Greeks won't pay their taxes to the Greeks.  What makes you think they'll pay them to the Chinamen?  The Chinese should have talked to the Turks first before loaning money to the Greeks.

Doing it the Greek way: http://en.wikipedia.org/wiki/Anal_sex

SilverRhino's picture

Hey !!! My chocolate ration has been raised from 30 up to 20 grams a week!!!

MrBoompi's picture

The "fundamentals of the economy are strong" until they aren't, and not a second before.

slaughterer's picture

Trichet: to hike or not to hike, that is the question.  What sayeth ZH?

magpie's picture

Raise, and then each little piggie gets a house of stone ?

TruthInSunshine's picture

OT

CNBC - yes, CNBC - is running a headline that 2011 is quite possibly going to see a bigger financial crisis than we had in 2008.

I realize CNBsC is akin to the Romper Room of financial discussion....but....

CNBC: Could 2011 Be Worse Than 2008? Don't Rule It Out

CNBC.com - Patrick Allen - 12 hours ago
2011 is beginning to look very like 2008 before the collapse of Lehman Brothers—except the numbers involved are much bigger this time around.


WTF Bitchez!!!!!!

forexskin's picture

isn't it time for reggie middleton to say toljaso about now?

TruthInSunshine's picture

ECB says all your bacalhau are belong to us.

WALLST8MY8BALL's picture

There goes the Lisbon Cherry Blossom Festival!

Dr. Porkchop's picture

I'm not going to be able to look at ZH at work soon with all these tits about!

breezer1's picture

i put a picture of my xxxx on a site once. i had to move and change my name.

Sudden Debt's picture

here we go... I wonder how the Germans will react on that tomorrow.

it really is info overload Wednesday today.

Atomizer's picture

WoW>> Whip 'em Out Wednesdays

DoChenRollingBearing's picture

It always seems to be the prudent and the savers who bailout the irresponsible.

TRUE re lots going on today...

disabledvet's picture

they will invade you you Chimay loving bastard you... "because you are closer and actually have drinkable beer."  Giinjinha bitchez!

101 years and counting's picture

"... Hello Spain"

the one that may tip this buggy over.

 

Sudden Debt's picture

if not this year it will be next year.

and still.... NONE OF THEM HAS ANY REAL AUSTERITY PLANS!!

 

sodbuster's picture

 >NONE OF THEM HAS ANY REAL AUSTERITY PLANS<

 And neither does the US- in fact, Osama is still dreaming up NEW entitlement programs.

 

 

 

Things that go bump's picture

All the better to buy your vote for me, my dear.  

SilverIsKing's picture

If any of these fools were serious about getting their fiscal houses in order, you are correct, they would have done so long ago.  When Greece was burning (not that it still isn't), where was the Portugese leadership on implementing austery?  Why did they need to first run out of money before "taking action?"

Josh Randall's picture

P to the I, I to the G = Southwestern Europe & Ireland dominos have been rattled lets see if this is the month they all fall 

Volaille de Bresse's picture

After the great earthquake of 1755 Portugal should be prepared for another disaster : the IMF/BCE monser!

irishlink's picture

EVERYONE should be out of this crazy market. All the news that knocked the Euro for six is now driving it higher, bad news out of Japan and all markets rally. European Union getting tested every day and Trichet acts like its a normal day at the office and wants to raise rates. Will Spain have to fail in order to wake everyone up?

ForWhomTheTollBuilds's picture

" European Union getting tested every day and Trichet acts like its a normal day at the office and wants to raise rates. "

 

Banking is a confidence game, and bankers are confidence men.

The Axe's picture

yet euro making a run at 1.46     glad i don't trade FX

Yen Cross's picture

Just trade it right. And respect your margin for swings.

InconvenientCounterParty's picture

Trade it right????

So the smart money is long Euro here?

 

RobotTrader's picture

PIIGS banks are flying today.

Both BBVA and STD about to break out off a huge 6-month base.

DoChenRollingBearing's picture

I am really, really glad that I don't trade...

I'd be killed...

Babushka's picture

Me like this one - http://www.telegraph.co.uk/news/worldnews/africaandindianocean/libya/839...

08:43 Silvio Berlusconi, the Italian leader, has used an emergency meeting on Libya in Rome as his excuse for missing part of his trial for sex with an underage prostitute.

Sneaky Italians they can find some good excuses....

FeralSerf's picture

Is he accused of violating child labor laws?

 

d00daa's picture

Robo, normally I take your shit with a few grains of salt, and understand you're game, unlike some of the wet panties around here, but c'mon man, you're off your game big time here.

Sure, they're both up, but volume is a BIG meh, and both still need at least one follow through day on BIG volume to confirm anything close to what you just said about a breakout.

Are you a buyer here?

lincolnsteffens's picture

tsk, tsk, tsk, you're always pointing out the little stuff. When someone gives you a tip don't you just jump on it? What is there to know?

Richard Head's picture

Since you "understand his game", you should just take take his advice and not ask so many questions.  Be sure to report how it all turns out.

Highrev's picture

XLF and BKX are looking similar challenging last week's highs.

SOX is doing the same dance too. (Remember what we we're saying about the TXN buyout of NSM maybe lighting a fire underneath SOX?)

Looking at least like a rotational effort.

magpie's picture

BTFD = Buy the Fucking Default

tomster0126's picture

O.M.G......it's like a domino effect. They still say there's no formal need for a bailout but it's inevitable now...

www.forecastfortomorrow.com