zerohedge.com / by Tyler Durden on 09/01/2014 15:25
The day that Banco Espirito Santo finally crashed and was liquidated nationalized under the weight of its countless criminal “inside the family” fund transfers, money losing loans, and off balance sheet activities, we pointed out to something amusing: the Goldman trail. Because not only [...]
davidstockmanscontracorner.com / by David Stockman / September 1, 2014
Capitalism gets into deep trouble when the price of financial assets becomes completely disconnected from economic reality and common sense. What ensues is rampant speculation in which financial gamblers careen from one hot money play to the next, leaving the financial system distorted and unstable—a [...]
zerohedge.com / by Nick Giambruno via Doug Casey’s International Man blog / 08/22/2014 11:55
The pattern should be seared in your memory by now. If you fail to recognize it, you could be struck with a huge financial blow.
It’s a pattern that has played out over and over throughout history: [...]
zerohedge.com / by Tyler Durden on 07/30/2014 16:46
Having waited until after the US equity markets closed, Portugal’s troubled Banco Espirito Santo unveiled an enormous EUR 3.577 Billion loss – that is 15 times larger than the loss the bank suffered a year earlier. The data – to end-June, before the crisis [...]
zerohedge.com / by Tyler Durden on 07/28/2014 14:17
As multiple entities of one of Europe’s largest banking dynasties rapidly crumble into bankruptcy, there are bound to be ramifications. With even the Portuguese President fearing Espirito Santo’s systemic impact, we thought the following chart from Thomson Reuters would highlight the fact that is far more than [...]
zerohedge.com / by Tyler Durden / 07/14/2014 10:15
Presented with little comment aside to remind the gung-ho stock-buyers who have been convinced (because the mainstream media has moved on from Banco Espirito Santo contagion concerns) that Portugal is anything but fixed. No government bailout coming means bail-ins and bail-ins means confiscation… Banco Espirito Santo [...]
zerohedge.com / by Tyler Durden / 07/11/2014 07:09 -0400
Following yesterday’s peripheral European poundage over fears of what a Banco Espirito Santo failure could mean to the nation, and to the Eurozone, but most importantly to depositor confidence everywhere, today has been an epic damage control session, with one sellside penguin after another, [...]
zerohedge.com / by Tyler Durden / 07/10/2014 11:29
Broad European stocks are down over 4% in the last few days but that hides the carnage among the most exuberantly excited names on the way up. Portugal, Spain, and Italy have been battered in the last few days (despite everyone explaining how Portugal is so [...]
zerohedge.com / by Tyler Durden / 07/10/2014 09:43
The PSI20 – Portugal’s “Dow” – is down 22% from its exuberant early-year highs (when Europe was fixed). Who could have guessed that under the surface, nothing was fixed? We are sure the next few days will be full of reassurances from asset-gatherers and TV anchors [...]
zerohedge.com / Erico Matias Tavares / on 06/14/2014 10:09 -0400
Submitted by Erico Matias Tavares of Sinclair & Co.
Portugal’s Financial Situation Summarized in One Graph
Portuguese bond yields reached historical lows this week – unimaginable only a few short months ago. Surely this must be a vindication of the prevailing [...]
zerohedge.com / by Tyler Durden / 05/20/2014 10:35 -0400
The last few days have been the worst for peripheral European bonds in well over a year. Spain, Italy, Greece, and Portugal have all seen yields jump and credit spreads soar in the last week as ‘faith’ in Draghi appears to be faltering. The reason this [...]
truthingold.com / truthing / May 9, 2014 at 07:56
Figures published this week reveal that the country’s reserve, among the highest in the world, at 382 tons, has seen 31 percent of its value wiped off in three years.
Several calls were made for Portugal to sell off some or [...]
armstrongeconomics.com / By Martin Armstrong / May 5, 2014
Perhaps it is fate, but Spain was united with the marriage of Ferdinand and Isabella and in 1492, they not merely funded Christopher Columbus, they also began the expulsion of the Jews and Muslims. Christopher Columbus’s diary begins: “In the same month in which their Majesties [...]
yanisvaroufakis.eu / By yanisv / March 21, 2014
Jorge Rodrigues, of Portuguese daily Expresso, asked me to explain why it is that I signed the petition of 74 economists calling for an immediate debt restructuring of Portugal’s public debt, how this ‘call’ squares up with our Modest Proposal and what type of debt restructuring [...]
globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / Monday, February 10, 2014 12:20 PM
With value added tax on services exceeding 20%, much of Portugal’s economy is cash-based with no receipts.
Instead of admitting the VAT tax of 23% on services and restaurants is so high that it encourages fraud, Portugal Tries its Luck with Tax [...]
globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / Monday, February 03, 2014 9:22 PM
Is Portugal about ready to implode?
That’s what one hedge fund manager believes. For now, interest rate action suggests otherwise.
We will explore the case for implosion but first consider this chart of 10-year sovereign bonds. Portugal 10-Year Sovereign Debt Yield