Greek government workers shut down schools and hospitals and disrupted flights as demonstrators occupied the Acropolis in an escalation of protests against 30 billion euros ($40 billion) of additional wage cuts and tax increases unveiled this week.”
And no, there is no hope: ““Protests will increase,” said Spyros Papaspyros, the head of ADEDY. “Opting for the easy path of cutting wages and pensions can’t be accepted.”
In essence, the Greek people would rather see their country bankrupt, the EMU destroyed and their nation locked out of the funding market for the next decade than have to retired at age 63.
Per altro, nessun dubbio che questa sarebbe stata la fine.
Nel frattempo, l’€ precipita fino a 1.28, in un contesto di volatilità davvero elevata, tralasciando il fatto che Moody’s ha di nuovo downgradato a distanza di una settimana il debito del Portogallo :
Moody’s Investors Service has today placed Portugal’s Aa2 government bond ratings on review for possible downgrade, while the government’s Prime-1 short-term rating was affirmed.
Moody’s expects that, in the event of a downgrade, Portugal’s Aa2 ratings would fall by one, or at most two, notches.
The review of Portugal’s ratings — which had been on negative outlook since October 2009 — is expected to conclude within a three-month time horizon.
Today’s rating action reflects the recent deterioration of Portugal’s public finances as well as the economy’s long-term growth challenges. “The review for possible downgrade will consider a repositioning of Portugal’s ratings to reflect the potentially lasting deterioration in the government’s debt metrics,” says Anthony Thomas, Vice President-Senior Analyst in Moody’s Sovereign Risk Group.
“In the context of a small and slow-growing economy, such debt metrics may no longer be consistent with a Aa2 rating.”
Credo che ancora una volta ci sia poco da aggiungere.
