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"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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Wed, 04/06/2011 - 13:32 | 1141756 Gubbmint Cheese
Gubbmint Cheese's picture

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

/snark

Wed, 04/06/2011 - 13:45 | 1141831 Ruffcut
Ruffcut's picture

That was yesterday. Today is a new day.

Wed, 04/06/2011 - 13:54 | 1141878 redpill
redpill's picture

We've always been at war with Eastasia.

Wed, 04/06/2011 - 14:14 | 1141952 bigdumbnugly
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

Wed, 04/06/2011 - 23:09 | 1143983 Ahmeexnal
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?

Wed, 04/06/2011 - 23:58 | 1144121 FeralSerf
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

Wed, 04/06/2011 - 14:31 | 1142029 SilverRhino
SilverRhino's picture

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

Wed, 04/06/2011 - 14:08 | 1141925 MrBoompi
MrBoompi's picture

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

Wed, 04/06/2011 - 14:19 | 1141982 slaughterer
slaughterer's picture

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

Wed, 04/06/2011 - 14:28 | 1142024 magpie
magpie's picture

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

Wed, 04/06/2011 - 13:58 | 1141890 covert
covert's picture

bailouts are always a big mistake.

http://covert2.wordpress.com

 

Wed, 04/06/2011 - 14:25 | 1142013 TruthInSunshine
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!!!!!!

Wed, 04/06/2011 - 17:12 | 1142767 forexskin
forexskin's picture

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

Wed, 04/06/2011 - 13:35 | 1141758 TruthInSunshine
TruthInSunshine's picture

ECB says all your bacalhau are belong to us.

Wed, 04/06/2011 - 13:33 | 1141763 WALLST8MY8BALL
WALLST8MY8BALL's picture

There goes the Lisbon Cherry Blossom Festival!

Wed, 04/06/2011 - 13:42 | 1141808 Cleanclog
Cleanclog's picture

+1

Wed, 04/06/2011 - 14:22 | 1141994 VisualCSharp
VisualCSharp's picture

+2 for your avatar. :)

Wed, 04/06/2011 - 14:22 | 1142002 Dr. Porkchop
Dr. Porkchop's picture

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

Wed, 04/06/2011 - 14:41 | 1142064 breezer1
breezer1's picture

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

Wed, 04/06/2011 - 13:35 | 1141766 Sudden Debt
Sudden Debt's picture

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

it really is info overload Wednesday today.

Wed, 04/06/2011 - 13:39 | 1141793 Atomizer
Atomizer's picture

WoW>> Whip 'em Out Wednesdays

Wed, 04/06/2011 - 13:42 | 1141819 deacon_blues
deacon_blues's picture

OBEY FEZ

Wed, 04/06/2011 - 13:48 | 1141842 augie
augie's picture

blasphemer, obey dave.

Wed, 04/06/2011 - 13:40 | 1141812 DoChenRollingBearing
DoChenRollingBearing's picture

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

TRUE re lots going on today...

Wed, 04/06/2011 - 15:10 | 1142206 Highrev
Highrev's picture

That's the plan, man.

Wed, 04/06/2011 - 15:15 | 1142228 disabledvet
disabledvet's picture

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

Wed, 04/06/2011 - 13:36 | 1141772 101 years and c...
101 years and counting's picture

"... Hello Spain"

the one that may tip this buggy over.

 

Wed, 04/06/2011 - 13:39 | 1141786 Sudden Debt
Sudden Debt's picture

if not this year it will be next year.

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

 

Wed, 04/06/2011 - 14:15 | 1141961 sodbuster
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.

 

 

 

Wed, 04/06/2011 - 17:50 | 1142894 Things that go bump
Things that go bump's picture

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

Wed, 04/06/2011 - 14:47 | 1142084 SilverIsKing
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?"

Wed, 04/06/2011 - 13:39 | 1141800 DoChenRollingBearing
DoChenRollingBearing's picture

Ciao Italia!

Wed, 04/06/2011 - 14:15 | 1141965 Josh Randall
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 

Wed, 04/06/2011 - 13:37 | 1141778 Volaille de Bresse
Volaille de Bresse's picture

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

Wed, 04/06/2011 - 13:38 | 1141787 irishlink
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?

Wed, 04/06/2011 - 13:45 | 1141823 ForWhomTheTollBuilds
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.

Wed, 04/06/2011 - 13:39 | 1141788 The Axe
The Axe's picture

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

Wed, 04/06/2011 - 14:09 | 1141935 Yen Cross
Yen Cross's picture

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

Wed, 04/06/2011 - 14:20 | 1141990 InconvenientCou...
InconvenientCounterParty's picture

Trade it right????

So the smart money is long Euro here?

 

Wed, 04/06/2011 - 13:37 | 1141789 RobotTrader
RobotTrader's picture

PIIGS banks are flying today.

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

Wed, 04/06/2011 - 13:43 | 1141824 DoChenRollingBearing
DoChenRollingBearing's picture

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

I'd be killed...

Wed, 04/06/2011 - 14:51 | 1142106 Babushka
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....

Wed, 04/06/2011 - 23:02 | 1143962 FeralSerf
FeralSerf's picture

Is he accused of violating child labor laws?

 

Wed, 04/06/2011 - 13:57 | 1141877 d00daa
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?

Wed, 04/06/2011 - 14:25 | 1142016 lincolnsteffens
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?

Wed, 04/06/2011 - 14:42 | 1142073 Richard Head
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.

Wed, 04/06/2011 - 14:06 | 1141924 Highrev
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.

Wed, 04/06/2011 - 14:10 | 1141932 magpie
magpie's picture

BTFD = Buy the Fucking Default

Wed, 04/06/2011 - 15:17 | 1142239 disabledvet
disabledvet's picture

And?

Wed, 04/06/2011 - 13:37 | 1141792 tomster0126
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

Wed, 04/06/2011 - 13:39 | 1141794 Jay Gould Esq.
Jay Gould Esq.'s picture

"Thank you, Dear Europe, for your generosity -- and for it, a bottle of Vinho Verde...on the house ! Ah, we forgot, senhores: the House has insufficient funds for such a magnanimous gratuity. In that case, a bottle of Vinho Verde -- and reverse the tab !"

Wed, 04/06/2011 - 13:42 | 1141816 EscapeKey
EscapeKey's picture

Nah, they just have to wait until they've completed the swap line with Goldman. Then, they'll be rich again.

Wed, 04/06/2011 - 13:39 | 1141802 Cleanclog
Cleanclog's picture

The 5 Stages of Debt grief (off Kubler-Ross model)

Portugal/Greece and Ireland.  Denial - check; Anger - on board; bargaining - preparing to; Depression - not yet; Acceptance - when they repudiate/default.

Spain/Hungary/Italy/ next up.

Most Western sovereigns (and US munis) coming to a theatre near you.

Fri, 04/08/2011 - 07:25 | 1149181 tomster0126
tomster0126's picture

Hahaha love it.  We're next for sure.  check my colleague's site out though you'll find it interesting...similar predictions to what you're saying

www.forecastfortomorrow.com

Wed, 04/06/2011 - 13:42 | 1141806 baby_BLYTHE
baby_BLYTHE's picture

David Stockman- Someone has to stop the Federal Reserve before it crushes what remains of America’s Main Street economy.

In the last few weeks alone, it launched two more financial sector pumping operations which will harm the real economy, even as these actions juice Wall Street’s speculative humors.

First, joining the central banking cartels’ market rigging operation in support of the yen, the Fed helped bail-out carry traders from a savage short-covering squeeze. Then, green lighting the big banks for another go-round of the dividend and share-buyback scam, it handsomely rewarded options traders who had been front-running this announcement for weeks.

Indeed, this sort of action is so blatant that the Fed might as well just look for a financial vein in the vicinity of 200 West St., and proceed straight-away to mainline the trading desks located there.

http://www.marketwatch.com/story/crony-capitalism-strikes-again-2011-04-06

Wed, 04/06/2011 - 13:45 | 1141822 d00daa
d00daa's picture

+666

Wed, 04/06/2011 - 15:35 | 1142345 BlackholeDivestment
BlackholeDivestment's picture

+ 666, Ironic? http://newyork.citysearch.com/profile/map/42276188/new_york_ny/citibank.html 

...or prophetic humor at the expense of accounts on 5th Avenue before the eve of the city's destruction?? http://bible.cc/revelation/18-18.htm

http://www.youtube.com/watch?v=6_YyWUMFm7s

Wed, 04/06/2011 - 14:10 | 1141939 dogismyth
dogismyth's picture

there is  nothing remaining worth saving.  And that's my "ing" for today.

Wed, 04/06/2011 - 15:17 | 1142249 disabledvet
disabledvet's picture

What crushes me is this Marlyn Manson look you've got working.  WTF?

Wed, 04/06/2011 - 15:34 | 1142312 baby_BLYTHE
baby_BLYTHE's picture

I am half-Finnish. My skin is naturally very white, when I tan it looks worse.

Have been trying to take a pic better suited for ZH standards.

Thanks for the compliament though.

I do enjoy heavy music, just not pussy loser wannable heavy metal types.

http://www.youtube.com/watch?v=bJda0_NIBaQ

^^^ This is more like it ^^^

Wed, 04/06/2011 - 17:16 | 1142786 Antarctico
Antarctico's picture

Try some Eisbrecher -- less screaming, more German.

Wed, 04/06/2011 - 23:09 | 1143984 baby_BLYTHE
baby_BLYTHE's picture

thx. I love German metal. Speaking of, Necrophagist's guitarist is top 10 guitarist that ever lived, i don't care what anyone says!

http://www.youtube.com/watch?v=2H76LUCBIUg

Wed, 04/06/2011 - 23:06 | 1143973 FeralSerf
FeralSerf's picture

You can come over to my place and listen to some Wagner.  Puccini is for pussy lovers.  I'm a pussy lover, BTW.

Wed, 04/06/2011 - 13:42 | 1141809 Tense INDIAN
Tense INDIAN's picture

i m not sure ...is that bullish or bearish???

Wed, 04/06/2011 - 13:42 | 1141818 DoChenRollingBearing
DoChenRollingBearing's picture

You have to ask?  BULLISH!  Of course!

Wed, 04/06/2011 - 13:42 | 1141811 TradingJoe
TradingJoe's picture

EUR/USD unimpressed so far! US still green! As we all know so well by know, the damn printing press it is!!!

Wed, 04/06/2011 - 13:42 | 1141814 Silver Dreamer
Silver Dreamer's picture

What were those faternity dudes shouting the other day? "No means yes, yes means anal!"  I of course do not support the idea for women, but it certainly applies to economics.

Wed, 04/06/2011 - 13:45 | 1141829 magpie
magpie's picture

At this rate, Euro at 1.50 after they default and Trichet raises by 100 point.

Long AIB, STD, Generali and all other crap

Wed, 04/06/2011 - 13:53 | 1141870 Atomizer
Atomizer's picture

Give us the money or we're going to have to shutdown our government!!

Wed, 04/06/2011 - 13:54 | 1141874 Dick Darlington
Dick Darlington's picture

Soviet Union of Europe, aaaah, the gift just keeps on giving. Let's see how long it takes until Spain rolls over. We all have heard the banksters celebrating lately how the crisis is now contained and all that crap. Old trick from the exactly same playbook they used after Greece started tapping european tax payers and again after Ireland collapsed under the weight of the toxic banks. Wonder how this will effect the upcoming elections in Finland where the anti-euro "True Finns" have gained huge popularity in the polls...

Wed, 04/06/2011 - 20:24 | 1143471 baby_BLYTHE
baby_BLYTHE's picture

Amen to that!

Wed, 04/06/2011 - 23:18 | 1143993 FeralSerf
FeralSerf's picture

The Finns have strange mating rituals.  Especially with the Germans.

Wed, 04/06/2011 - 23:15 | 1143994 FeralSerf
FeralSerf's picture

Doppleganger (again)

Thu, 04/07/2011 - 03:14 | 1144411 Finn
Finn's picture

 

I wouldn't blame anti-EU, it's all been there for more than a decade. However, EU has been considered necessary evil by those who survived the crash of late 1980's. That really wrecked the confidence in national politicians, and half a decade later a huge majority voted them out of economic power by joining EU and EMU.

Anti-EU sentiment currently seems to be playing second fiddle to bitch slapping politicians for allowing all kinds of "humanitarian refugees" (they're not refugees as defined by Geneva convention) who escape from poor countries to come under the wings of our social security. We have huge unemployment and other problems, and they still want to pull in ever more of culturally challenged, unemployable and uneducated deadbeats. After all, if the  mainstream politicians claim victory if anti-euro people (who seem to be the only ones criticizing the wrecking of economy by handouts to foreign deadbeats) don't gain, the only way to make them note is to vote for the change. Typical long-term political horizon for the mainstreamers seems to be the edge of the desk in front of them.

I personally expect EU to split to the south and north, as it appears us northerners are not prepared to pay for the sins of the south, once defaults in the south are unavoidable. That would erase the huge EU-wide drain of supporting the wastrels, which has been going on for ever. However, I don't think completely falling apart is likely, the benefits to staying with German's strong economy are too great.

I still ponder who to vote: there's the outright liars, the power-hungry economy-wreckers, the privileged cliques, the we-should-all-suffer-equally who live in bygone times, the reality-challenged idealists, and the visionless change-whatever's. BTW: it's a virtual beer for anyone who can name the political parties correctly.

Wed, 04/06/2011 - 13:54 | 1141879 Horatio Beanblower
Horatio Beanblower's picture


"The American dream is not all it is cut out to be and some Africans are turning their backs on life in the US.

Frustrated by tough economic times in the United States, Sammy Maina is packed, ready and waiting to return to Kenya.

"I'm fed up and finished with the US," declares Mr Maina, 33, owner of a prepaid calling card firm, Myaatel, and a money transfer company, Doubles Xpress, that caters for African immigrants."

 

http://www.bbc.co.uk/news/world-africa-12810828

Wed, 04/06/2011 - 14:14 | 1141958 Alea Iacta Est
Alea Iacta Est's picture

I'm sure he is frustrated......HOWEVER, His business plan may be lacking....

"..caters to African immigrants."

In English that translates to "penniless refugee". I suggest a rethink of your targeted customer base.

Wed, 04/06/2011 - 14:01 | 1141898 virgilcaine
virgilcaine's picture

I believe the US Bond mkt is tanking... contagion from abroad.

Wed, 04/06/2011 - 14:07 | 1141929 Yen Cross
Yen Cross's picture

Enter Brasil.

Wed, 04/06/2011 - 14:10 | 1141945 magpie
magpie's picture

After failing in Africa, the BRICs go all-in into the European political morass.

Wonder if they still have their Emperor somewhere.

Wed, 04/06/2011 - 15:20 | 1142269 disabledvet
disabledvet's picture

I've been demanding "immediate super-model appearances" in Lisbon for some time.  And I'm being serious!  When in doubt "love and beauty, love and beauty."

Wed, 04/06/2011 - 14:08 | 1141933 jmac2013
jmac2013's picture

Not sure "rescue" is the appropriate word, as each "rescue" will only make Portugal's long term problem worse.  The price paid for this "rescue" will probably end up being total loss of sovereignty and eventually any and all state owned assets sold to private hands at garage sale prices.

 

Wed, 04/06/2011 - 14:10 | 1141944 Yen Cross
Yen Cross's picture

Great! another show for the History Channel.

Wed, 04/06/2011 - 14:13 | 1141960 Highrev
Highrev's picture

But, but, but, aren't Portugal's funding costs still below Greece and Ireland's?

Lot's of good a bailout does (unless you want your funding costs to go up).

But then again, this is an upside down world.

Wed, 04/06/2011 - 14:19 | 1141973 PicassoInActions
PicassoInActions's picture

will the eruo will go down or up? specially eur/usd?

Wed, 04/06/2011 - 14:20 | 1141989 Atomizer
Atomizer's picture

Portugal, unable to negotiate an assistance package with the EU/IMF until a new government is in place

Portugal: Financial Position in the Fund
as of February 28, 2011

http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=810&date1key=2011-04-07

Forex Daily Outlook – April 4, 2011

Wed, 04/06/2011 - 14:27 | 1142011 PicassoInActions
PicassoInActions's picture

There is still no clarification.

I played euro down as of last night and got killed this morgning with US open.

I know rates for euro may go up ( not really) tomorrow. But with this news of Portugal cant figure out the direction.

Wed, 04/06/2011 - 15:13 | 1142219 Highrev
Highrev's picture

Ultimately I think the answer to your question lies with the USD.

Wed, 04/06/2011 - 14:23 | 1142005 treemagnet
treemagnet's picture

Japan's issues haven't even so much as nudged the markets - WTF?  Highest debt/GDP, terrible demographics, earthquake/tsumami/RADIATION - this is a G-7 nation coming apart at the seams and nary a mention other than the same looped soundbite.  No way this one goes away quietly.

Wed, 04/06/2011 - 14:29 | 1142031 defn8Dog
defn8Dog's picture

I beg to differ, treemag.  For example, there is a lot of concern about whether Japanese golfers will be buying new clubs this year, a concern expressed by the Callaway CEO this morning on CNBC. 

Wed, 04/06/2011 - 14:37 | 1142056 treemagnet
treemagnet's picture

.....you got me - I missed that one category of concern.  And maybe no black or red Fords....but, other than that....

Wed, 04/06/2011 - 15:22 | 1142280 disabledvet
disabledvet's picture

don't forget handbags.  i was deeply concerned myself.  of course "there's that pesky problem of the..." eh, forget it.  "it's all good."

Wed, 04/06/2011 - 14:36 | 1142051 Atomizer
Atomizer's picture

this is a G-7 nation coming apart at the seams and nary a mention other than the same looped soundbite.  No way this one goes away quietly.

G8TORADE - POWERTHIRST

http://thunt.net/post/862750233/g8torade-powerthirst-another-classic-from-deek

Wed, 04/06/2011 - 14:25 | 1142007 franzpick
franzpick's picture

Maybe the voice of Mr. Market is being warmed up ?

Wed, 04/06/2011 - 14:26 | 1142020 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Oh my, very very bullish!

BTFD.

I think I'm catching on to this!

Wed, 04/06/2011 - 14:28 | 1142021 Highrev
Highrev'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.

On Monday this same finance minister said that the current government lacks legitimacy in order to solicit a bailout and that at this time only the President Cavaco Silva could do so.

http://economico.sapo.pt/noticias/governo-atira-para-cavaco-o-onus-de-pedir-ajuda-externa_114922.html

Wed, 04/06/2011 - 14:33 | 1142040 Silverhog
Silverhog's picture

The farce continues. Monty Python visits Lisbon.

Wed, 04/06/2011 - 14:32 | 1142044 falak pema
falak pema's picture

I am fed up with those who believe that one plus one make QE...

Wed, 04/06/2011 - 14:40 | 1142062 Rodent Freikorps
Rodent Freikorps's picture

If they get a bailout, what changes except their debt?

They have a crap economy and they've already rejected any reduction in their welfare state.

Wed, 04/06/2011 - 14:50 | 1142080 TheGreatPonzi
TheGreatPonzi's picture

Portuguese liability is just transferred to the EU accounting book. 

It is a contract that gives them more time to repay, but also aggravates the initial situation by piling up debt on debt. 

Without an organic growth superior to 10% in two years, they will have to default in any case. 

Wed, 04/06/2011 - 14:41 | 1142068 All is chosen
All is chosen's picture

What a shame. Having been in this delightful land of goal post shifting on & off for 12 years, I have concluded that all Portugal needed to do was dump 7/8th of their public sector. The idea of keeping them is for the inevitable return to the days of dictatorship & fear....after the interconnected mafia families had milked the EU dry of course.

 

Wed, 04/06/2011 - 15:28 | 1142307 disabledvet
disabledvet's picture

so this story does have a happy ending!  or not.  i'm confused.  is "milking the EU dry" bad?  good?  bad as good?   good as bad? ahhhhhhhhhh......

Wed, 04/06/2011 - 14:43 | 1142069 johny2
johny2's picture

Tomorow could be violent day in the FX markets. ECB rate desicion, Portugal bailout. The only real choice is to hold on to any PM that you have and watch from a safe distance.

Wed, 04/06/2011 - 15:20 | 1142266 Highrev
Highrev's picture

Don't forget unemployment in Australia and the monetary policy statement from the BOJ and what we've got on the docket from the BOE too!
 

 

Judging by the USD I'd say it'll be up for everyone else.

 

 
 

 
 

 
 

 
 

 
 

 

Wed, 04/06/2011 - 14:49 | 1142098 The Count
The Count's picture

Hey, I have a novel idea. Every country that categorically states it does not need a bail out will actually NEVER GET ONE! How about that.

 

Wed, 04/06/2011 - 14:48 | 1142102 moldygoat
moldygoat's picture

Cue the Cyber/Terror attack, its our only hope!

Wed, 04/06/2011 - 14:52 | 1142114 Misean
Misean's picture

Like reality has suckeed all the irony and sarcasm out of the world. How does one act shocked at this?

Wed, 04/06/2011 - 15:30 | 1142316 disabledvet
disabledvet's picture

Collective Soul hocking GMC pickups.  IS ANYTHING SACRED ANYMORE!

Wed, 04/06/2011 - 14:56 | 1142124 Urban Redneck
Urban Redneck's picture

They had to wait to drop the news until after the grocery/liquor stores closed (not just the stock markets).  At least the bar around the corner sells scotch by the bottle.

Wed, 04/06/2011 - 15:06 | 1142152 breezer1
breezer1's picture

soon i will be growing my radioactive olives while overlooking the beautiful mediterranean. i will be far enough inland of course so i don't get the full stench of a dead sea wafting thru my hot vines. 

Wed, 04/06/2011 - 15:02 | 1142171 franzpick
franzpick's picture

Having a robo moment here imagining vigilantes riding in onto the TYX and TNX 30 and 10 yr screens.  Nah, must just be a preview of coming attractions.

Wed, 04/06/2011 - 15:12 | 1142212 Herman Strandsc...
Herman Strandschnecke's picture

They just need to export more Cork to float their economy.

Any Port in the storm buyers?

 

 

Wed, 04/06/2011 - 15:28 | 1142315 CustomersMan
CustomersMan's picture

 

            Very Large Oil Reserves were found off the Irish coast (in their territorial waters), Ranging anywhere from 4 to +8 Billion Barrels.

 

            Portugal must have some asset we don't know about, that will likely be pledged as collateral soon enough, its just we haven't seen it yet, and a new government would probably have the Authority to "pledge or otherwise Hypothicate it"

 

            Will have to wait for the surprise ending.

 

            By the way, the EU and selected friends, has every intention of screwing Ireland out of its Oil Wealth.

 

            Definition of Irish foreplay, "brace yourself Bridgette"

Wed, 04/06/2011 - 15:38 | 1142358 magpie
magpie's picture

Norway and Iceland never wanted to join, i wonder why ?

Wed, 04/06/2011 - 23:44 | 1144072 FeralSerf
FeralSerf's picture

They weren't virgins?

Wed, 04/06/2011 - 23:44 | 1144076 FeralSerf
FeralSerf's picture

Any and all oil reserves should be transferred to BP by now.  There's no reason to make a big deal of that and tell anyone.

Wed, 04/06/2011 - 15:31 | 1142322 AlaricBalth
AlaricBalth's picture

January 12, 2011 - José Sócrates, the prime minister of Portugal, has maintained that his country can meet its 20 billion euros in financing needs this year — equivalent to 11 percent of its gross domestic product — without a bailout from its European Union partners or the International Monetary Fund. “Portugal won’t request any financial help for the simple reason that it doesn’t need it,” Mr. Sócrates said.

April 6, 2011 - Jose Socrates, tonight, "Por favor, ajudem-nos. Estamos afogados em dívidas"

Wed, 04/06/2011 - 15:58 | 1142478 indio007
indio007's picture

I know this is anecdotal but a friend of mine from the Azore's just visted. He said the economy is sheeiiitt. As bad as anyone's memory. 

Wed, 04/06/2011 - 23:41 | 1144018 FeralSerf
FeralSerf's picture

That may me a good place to hide if you have (limited) independent means for the duration of the armageddon.

Where the hell is Faial?  Yeah, that's what I was thinkin.  Do they make their own alcoholic beverages?  Is the Pope Catholic?  What else do you need to know?

Wed, 04/06/2011 - 16:06 | 1142514 Bubbles the cat (not verified)
Bubbles the cat's picture

OK. So...we got....Greece, Ireland, Portugal. Who's got Portugal's debt? Oh yeah........Spain. Big bailout bucket.

Wed, 04/06/2011 - 16:15 | 1142548 trav7777
trav7777's picture

c'mon the fuckin Euros need an excuse to print too...Japs are and the US is.  They feel left out

Wed, 04/06/2011 - 16:16 | 1142556 John Wilmot
John Wilmot's picture

Does anyone really believe it's a coincidence that Portugal decided to finally request a loan the day before the ECB is supposed to raise rates? I don't. I see this as a clear attempt to justify keeping rates where they are. Trichet can keep his image as a hawk if it looks like he was forced by a sudden emergency to keep rates where they are.

Wed, 04/06/2011 - 16:19 | 1142572 John Wilmot
John Wilmot's picture

Something else. You surely don't believe that Portugal came to the ECB today, when it was reported to the public? The decision is made in private and then they decide how best to telegraph the news to the public. For all we know, Portugal came to the ECB last week, and Trichet decided to kill two birds with one stone, by strategically timing the news release to justify not hiking rates.

Then again, maybe things are exactly as they appear in the establishment media, no ulterior motives or private agendas, as that would be 'conspiracy theory'...

Wed, 04/06/2011 - 16:25 | 1142594 John Wilmot
John Wilmot's picture

A rate hike has been priced in. If it doesn't come, look for the dollar to rally and U.S. stocks to fall tommorow.

Wed, 04/06/2011 - 16:41 | 1142649 Jack Sheet
Jack Sheet's picture

Genuinely pukeworthy

Wed, 04/06/2011 - 17:44 | 1142869 Zero Govt
Zero Govt's picture

Greece PM ; We don't need a bailout (got bailed out)

Irish PM ; We don't need a bailout (got bailed out)

Portugese PM ; We don't need a bailout (got bailed out)

..of course the European Constitution says Eurozone countries cannot be bailed out (they bailed them out)

..and the European Constitution says Eurozone countries must be fiscally responsible and not run budget deficits of over 3% of GDP (Greece 8%, Portugals 6%, Irelands 8%, Spains 7%, Belgium 7% etc etc)

...what an absolute fuking clown show the EU is

the biggest rule makers (politicians-Govt) are the biggest rule breakers

Wed, 04/06/2011 - 23:28 | 1144029 FeralSerf
FeralSerf's picture

If I say I don't need a bailout, will I get bailed out?  I can do that.

Wed, 04/06/2011 - 19:17 | 1143265 Buck Johnson
Buck Johnson's picture

Totally agree with you tyler, PIG (Portugal, Ireland and Greece) are on deaths door until default.  Whats left is  IS (Italy and Spain)  and those two have debt in the Trillions.

Wed, 04/06/2011 - 23:30 | 1144036 FeralSerf
FeralSerf's picture

I've still got a couple K-rands to buy Paxos and bailout Greece if anyone's interested.

Wed, 04/06/2011 - 19:52 | 1143351 SamuelMaverick
SamuelMaverick's picture

I am not sure whether this is pypf ( piss your pants funny) or just tragic.  No surprise to anyone on ZH or Reggies' Boom Bust Blog.   Yours, Maverick

Wed, 04/06/2011 - 21:37 | 1143702 Elmer Fudd
Elmer Fudd's picture

Is this kind of like "There's not going to be a QE3, There's not going to be a QE3, uh, we're going to print more money...": Is there a standard operating manual somewhere?

Wed, 04/06/2011 - 21:54 | 1143745 Element
Element's picture

In other words;

</smile like nice polite pseudo-'western' duel-national banker=on>

"we've sunk the ship of state, yada-yada-yada, and are getting the fuck out now while the getting is still good. Sorry the country is bankrupt and the bond market will not go near suckers like you, yada-yada-yada. However, we have signed you up to commitments you can not possibly afford, in order to drain every last drop of economic blood out of you, yada-yada-yada, before you starve and riot, and tell the bankers to fuck themselves. At which time the Banker's 'B-team' will be sent in, and the IMF, while protected by the police-state we built for them, will ensure you never recover, yada-yada-yada. And so that you don't dare default or they will starve you into submission-ary-position, and rape your arses until they bleed, yada-yada-yada.

And if that does not subdue you into neo-slavery, we send in the C-Team of agents-provocateur, to start a civil conflict that will completely consume and destroy your shitty little excuse for a society that we have thoroughly corrupted to divide and overturn, yada-yada-yada, and then we win again, and form a new Govt that corrals you into a new and better 'peace', with a massive security regime to deal with the rabble-rouser terrorists among you ...thanks for playing ... you donkey-goyim schmucks ... have a nice day!"

</smile like nice polite pseudo-'western' duel-national banker=off>

Did I leave anything out?

They can keep talking up 'the marketz' and bailoutz and 'the recovery', all they want, but the neo-liberal zionist-owner-operated FIRE sector crime-wave that the MSM quaintly calls the 'global economy', is collapsing all over the world, and we know who it was that weilded the tools of that destruction and corruption.

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