Posted on 04/16/2010 6:30:00 AM PDT by Cheap_Hessian
LONDON — Next target: Portugal.
Speculators have begun to zero in on another small member of Europe’s troubled monetary zone, highlighting the same economic flaw that brought Greece to the verge of insolvency: a chronically low savings rate that forces a reliance on the now-diminishing appetite of foreign investors to finance persistent deficits.
Just as investors are turning their attention to the next vulnerable country, Greece moved a step closer on Thursday to activating a $61 billion rescue package, as Prime Minister George A. Papandreou asked the European Union and the International Monetary Fund to meet in Athens next week.
(Excerpt) Read more at nytimes.com ...
PIGS ... the PIGS are failing badly.
"Give me an I!" --- "Ireland!"
"Give me a G!" --- "Greece!"
"Give me an S!" --- "Spain!"
"What does it spell?" --- "PIGS!"
Soon to be US PIGS.
The bond vigilantes strike again...
Ironic, considering their head of state is a guy named Jose SOCRATES. Time to drink the Hemlock?
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