Portugal Is Nigeria

While Portuguese Prime Minister Coelho exclaims "You can count on me," in tonight's TV address, it seems the market is not so sure. In fact things are so bad that Nigeria, that bastion of western capitalism and stability, has just issued 5Y and 10Y bonds at yields in line with Portugal's. With news breaking that the opposition party is calling for new elections in Portugal, we suspect Nigeria will be out soon with a dismissal noting that "Nigeria is not Portugal".