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+1 Happy Thanksgiving!
Portugal cut to junk by Fitch.
http://www.forexfactory.com/news.php?do=news&id=327747
More on Portugal.
http://www.reuters.com/article/2011/11/24/idUSWLB920020111124
I'm wondering what the implications of this downgrade are?
I mean, once you're no longer in the "A" league, does it really matter how much they downgrade you by?
Yields spiking a bit. Up 5%.
http://www.bloomberg.com/apps/quote?ticker=GSPT10YR:IND
I suppose the concern would be the likely impact on others.
Portuguese 10 year now close to 12%.
Perhaps not meaningful as they are already under IMF/EFSF control.
and why are they rallying? Because talks of a summit in December?
If they do Eurobonds and it fails, will Germany be screwed more or the same as of now?
That's a very good question. I'd also like to know why would anyone want to invest into EuroBonds now that Buba had to cover 39% slack of German 10Y bonds. Doesn't that make auctioning the EuBs kind of redundant? And if they again have 40% EuB slack, who picks that up to make it look like the auction wasn't a failure?
Both the Greens and the SDP have come out today in Germany to support the Euro-bonds. German private banking system plans to not participate in German Bund auctions untl they get their bazooka. German business confidence came in above expectations and German busines leaders are reaffirming positive guidance today in Germany.
more hopium...
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