What a surprise?
Portugal is starting to slip on its fiscal targets. Who could ever have thought that this might happen?
So….should we expect Portugal to begin negotiations on a second bailout package?
We expect so.
Portugal is meant to return to the markets in 2013 but, with 10 year bond yields pushing 9.5%, who are they kidding? Isn’t 7% supposed to be the point of no return?
At least it’s nice to know that the P in PIIGS will be there for a while longer yet