We've all heard of the European sovereign debt crisis, some of the major economies of Europe (Portugal, Spain, Ireland, Greece and Italy), all with huge budget deficits, massive debt and low growth. The UK has just escaped from the news.
Greece was swimming in debt, and actually reached the point where there is a real danger is in arrears on its debt before the EU came on a rescue package. Greece has been strong in its severity, and whilepublic scandal, the spotlight seems to be disappearing.
When he was replaced by Portugal, Prime Minister Jose Socrates of Portugal Left predict progressive severity, during the years of growth have helped to reduce the deficit of 2% (9.3% last year to 7, 3% this year). Probably because his minority government, it is difficult, a little 'too hard to Parliament, not without a public uprising in Greece, as we have seen happen to speak.
SorryInvestors have no faith shared Socrates, with yields higher than they were in debt investments in Portugal Portugal is the Euro 6.41%.
The OECD has come to support the lack of enthusiasm from investors during the week. He said that Portugal is stronger conservation measures, including extending the wage freeze until 2013 and raise the sales tax and property should be taken. Both will be very difficult to sell to the public, or even enter the government.
Portugal is still ownedinterest received by foreign buyers, but as we saw in Greece are higher property taxes bad for business.
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