Over the last two days, there have been several assurances by officials in Europe that their fiscal positions are improving and that the European sovereign debt situation is improving.
Yesterday, the Portuguese secretary of state Carlos Costa Pinto said that Portugal has vowed to meet ambitious deficit-reduction targets. "We're on the right track and we will meet our deficit commitments this year and in the future.....There is no cause for alarmism." Also, Spanish PM Zapatero stated emphatically that "Our bonds are solid...All new sovereign bond issuances have been successful. The prices that we need to cover our financing needs are good."