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Europe debt crisis spreads to Portugal

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Next, Spain and Ireland are in the list. Me thinks the Euro gonna fall big time...

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Next, Spain and Ireland are in the list. Me thinks the Euro gonna fall big time...

I would not be surprised by this at all. The only question is whether or not the dollar will follow suit with the way Obama is running through money he doesn't have to spend.

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I think everybody in the world is going to have to realize that we can't continue to live like we have been: spending, borrowing, spending, borrowing. It's a new world out there and we have to live more modestly.

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I would not be surprised by this at all. The only question is whether or not the dollar will follow suit

unlikely since the dollar is typically the safer bet. Let's see what Helicopter Ben will do next

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“We have the makings of a market crisis here,” said Neil Mackinnon, global macro strategist at VTB Capital.

How rude to be so honest in a day like this. I'm afraid someone in Greece will just have to lose his shirt if these things fall... short.

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We must indebt ourselves to the bankers and the fiat money. Financial slavery is the only way.

Or you can just put your money in gold/silver, commodities etc. If you are lazy.

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think everybody in the world is going to have to realize that we can't continue to live like we have been: spending, borrowing, spending, borrowing. It's a new world out there and we have to live more modestly.

Agree and disagree. We need to cut spending, for the U.S I would start with the department of education and most social programs. Reform immigration to increase citizenship, streamline the tax system, freeze government salaries, and put some heavy consideration into legalizing a slew of taxable drugs. Also, stop industry bailouts cold and set a solid date for repayment to force businesses to sink or swim on their own, privatize a few toxic assets (like Amtrak and the post office), and drop the minimum wage (either partially or entirely).

However now is not the time for modesty, we need business to put on its big boy pants and start innovating. We need creative marketing, new products, fresh ideas, and some real capital creating industrial upheaval. People need to take hold of their pocket books and practice some sensible spending, ie buying lots of fun new stuff without getting ourselves into crippling debt.

We can overcome but we have to want it, we have to sacrifice for it. We have to break out of our carefully constructed security net of regulation and entitlement and take responsibility for our own lives.

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I wrote this about a month ago.

An oxymoronic state. The Euro alliance was a shotgun wedding of ill conceived political notions based on mutual economic self interest, without a galvanizing mandate. A chain is only as strong as its weakest Grease. Nilly-willy Euro alliances brought on WW1, and the froth and blather co-signers of this alliance have no wiggle room now to bail out decades of failed Athenian economics and the other failed states of Europic socialism. This could bring the union down on the ash heap of history.

Fear and panic can drive markets over the cliff quicker than most would like to believe. Fasten your seat belts boys and girls; buy gold, silver, food and bullets with worthless paper while you still can.

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Not clear how deflation and depression help anybody pay off debts, but that seems to be the (brilliant) plan.

Basically it comes down to who is going to take the hit. The bankers and their shareholders and bondholders, or everybody else. All the banks everywhere are probably bankrupt anyways, everything going on now is just trying to keep the house of cards from collapsing and keep the "profits" flowing in. If they had to recognize all their non-performing loans (like Greece) they would all be dead with their capital wiped out. But of course they have a little more political influence than the average Greek (or Portuguese, or Spanish, or British, or American, or....) schmuck on the street.

Not sure how anybody figured 30 years of an expansionary debt bubble would turn out any differently though.

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Once again, socialism fails. Too many parasites, not enough producers.

Funny that Obama can't figure that out.

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Molenir: me think that once the Chinese growing bubble will blow, they will get rid off a US bonds and the gold. The USD gonna just crash again what ever president.

jruaustralia: the USD is not really the safer bet. People mostly buy yen. Japan as more debt problem that Greece. So one day, this will also collapse and the dollar is not going to go any better. The high yen is crippling the Japanese economy.

So, when everything will collapse domino style, the US bonds will be worth a bog roll and the gold gonna fall.

I'll make a stock of canned soup and ammunition if I were you...

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China will break up within the decade

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So, when everything will collapse domino style, the US bonds will be worth a bog roll and the gold gonna fall. I'll make a stock of canned soup and ammunition if I were you...

Don't hate the market... just shorting :-)

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And as for US bonds (and gold?!) I sure have no idea where you're coming from. Why on earth would you get rid of your insurance pot at a time of conceivable trouble (your scenario).

hehe... Anyway, in time or crisis you need cash. When you need cash, what do you do? You sell what you have. Greece is taking more loans. Me guess Portugal will do the same and other will follow. Me don't know what will happen next.

As for the gold, Switzerland gov. has been selling a part of its gold to get fresh cash in the past recent years. So, yes, governments sell stuff to get some cash.

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