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Jakobsen: Portugal, the Euro and You
Is a political crisis in Portugal the “black swan” event of the summer? Steen Jakobsen thinks so. Shares fell across Europe as the country’s prime minister tried to keep his government together. Portugal’s bond yields soared and those of Spain and Italy jumped too.
Jakobsen says this has brought the Eurozone debt crisis back into focus and highlighted a desperate lack of growth in Portugal. It’s also very bad news for the German Chancellor, Angela Merkel, as she prepares to fight federal elections in September.
Steen says the biggest losers of the Portuguese crisis are of course the Portuguese people. But the Euro and peripheral bonds are surely going to suffer if it isn’t resolved and that looks increasingly unlikely.
01:37 minutes
Tags: angela merkel, black swan, bonds, crisis, debt crisis, elections, euro, euro zone, eurozone, government, italian, italy, pedro passos coelho, portugal, portuguese, prime minister, saaxo tv, saxo bank, spain, steen jakobsen, tradingfloor.com, yields