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Europe News Portugal

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    Speculators have begun to zero in on another small member of Europe’s troubled monetary zone, the New York Times reported, highlighting the same economic flaw that brought Greece to the verge of insolvency.

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    The risk of default for Greek debt is priced much higher than that of Eastern European countries like Romania or Turkey. But Greece is rated investment grade while the two Black Sea countries are rated below investment grade.

  • Riot police line up outside a closed branch of the National Bank of Greece during a 24-hour general strike.

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    Greece's mounting fiscal problems remain in focus, with investors today eyeing a possible bailout plan led by Germany and France. Closing Bell kicks shines the spotlight on the PIIGS (Portugal, Ireland, Italy, Greece & Spain) of Europe and discusses where the biggest risks are.

  • The Greek government's second bond auction of the year will be one of the key drivers of global markets over the coming days. While no date is yet set, Athens must raise significant funds via bond sales or face the prospect of default.

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    Much as I am sick of bailout nation, and bailout global nation, the European rescue of Greece was probably necessary to stop a total euro currency meltdown that might have triggered a worldwide debt deflation downward spiral.

  • I’m trying hard to remain optimistic about economic recovery here in America — and for that matter, around the world.

  • Apparently, the Greek government has called in the big hitters to help them with their fiscal dilemma.

  • What's Next?

    The rise in Greek yields is a clear warning markets are in the mood to 'punish any country that takes creditors for granted. '

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    Amid fears that go-it-alone moves such as President Barack Obama's plan to break up big banks will further hamper the fledging economic recovery, finance ministers and central bankers from the Group of Seven major industrial countries meet.

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    Portuguese authorities' favorite expression is: Portugal is not Greece. Everybody, from the country's central bank governor to economists in private banks, says this.

  • Why would you ever want to be President? Everyone who comes to the job does so with some vision and dream and quickly has to learn how to dance the dance if anything is to be done. It's harder now than ever with the accumulated debt we have built up.

  • Catch me if you've heard this one before. A global crisis emerges from some obscure country, and the VIX surges by some mind-boggling amount.

  • Case in point, it seems the IMF is the only body that may have the legal capability to assist these countries in their time of need. This reminds me of something, what is it?

  • Ben Bernanke

    There are some who blame the Fed for missing warnings signs leading up to the financial crisis; others have said the Fed caused the crisis with its “easy-money” policies.

  • Davos, Switzerland

    Officials in Davos should try to reach a global consensus about the need for a new regulatory regime for banks, Nobel Prize laureate Joseph Stiglitz told CNBC Friday.

  • Davos, Switzerland

    The world debt overhang is threatening the world recovery, because markets will realize at some point how risky it is and the yields on bonds will increase, Niall Ferguson, professor of history at Harvard University, told CNBC Thursday.

  • Nouriel Roubini

    Withdrawing economic stimuli and tightening monetary policy are difficult choices, but asset bubbles are cropping up, Nouriel Roubini told CNBC in Davos.

  • ** FILE ** Euro coins fall out of the hands of a person in Frankfurt, central Germany, Feb. 4, 2007. The euro set an all-time high against the dollar Friday, April 27, 2007, buying US$1.3682 as fears about a U.S. economic slowdown mounted amid signs of weak growth. L(AP Photo/Michael Probst)

    The European Central Bank will start phasing out the measures it took to boost liquidity at the height of the crisis and it cannot cater to the needs of individual countries with problems, Axel Weber, ECB governing council member, told CNBC Wednesday.

  • ** FILE ** Euro coins fall out of the hands of a person in Frankfurt, central Germany, Feb. 4, 2007. The euro set an all-time high against the dollar Friday, April 27, 2007, buying US$1.3682 as fears about a U.S. economic slowdown mounted amid signs of weak growth. L(AP Photo/Michael Probst)

    The budget problems of EU members Portugal, Ireland, Greece and Spain have made the unflattering acronym, PIGS, common parlance in global economic circles, such as that of the World Economic Forum's annual meeting in Davos, Switzerland this week.