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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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From: Eva4/7/2011 2:11:02 PM
1 Recommendation   of 4904
 
update -- trotsky, 13:22:49 04/07/11 Thu
Portugal Gets the Begging Bowl Out
After weeks of ever more strident denials, Portugal finally admits defeat and requests a bailout - which appears to be even bigger than the Ireland's. Only last week it was said that the caretaker government could not even negotiate a bailout, but Portugal's banks apparently said enough is enough (we suspect they acted under ECB orders) - they could no longer afford to show up at the country's debt auctions.
Immediately the denial machine swung to the next topic - Spain. Spain? No-one even said anything about Spain, did they? The markets are becalmed and yields on Spain's debt are declining, as are CDS spreads on its debt. So what was so urgent? No matter, the OECD immediately sent out one of its bureaucrats to deliver a denial roundhouse that is in places truly funny. See, we should not even 'talk about bailouts and debt restructurings'- such talk 'should have ceased back in December with Ireland'. And the markets? 'Mis-informed'.
The ECB in what can only be called a case of especially ill-chosen timing decided to hike its administered rate target today. Not to worry though, this is not 'the first hike in a series'. Meanwhile, the Investor's Intelligence bear percentage falls to its second lowest level in 20 years and Rydex traders are more bullish than at any time in the past 10 years. Apparently investment advisors and traders are convinced that nothing can go wrong. Alas, the ECB's rate hike is a reminder that the monetary backdrop for the echo-mania becomes ever more hostile.
acting-man.com
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