Portugal
Bailout package offers hope for Portugal
Lisbon accepts €78 billion bailout as part of deal to reduce deficit to 3% of GDP by 2013; analysts say preliminary terms of deal positive for sovereign
Portugal seeks bailout, Trichet confident rate hike will only help
Portugal seeks financial assistance from Brussels; European Central Bank president Jean-Claude Trichet says rate hike will help build confidence in stricken sovereign
Risk Europe: S&P slammed for linking Greece, Portugal downgrades to ESM
Eurozone bail-out vehicle doesn't hurt existing bondholders, EC official argues
Moody’s downgrades Portugal again
Moody’s cuts Portugal’s credit rating by one notch to Baa1 as political uncertainty continues to cloud medium-term financing
IMF paper urges policymakers to address sovereign rating spillovers
Policymakers must account for risks posed by spillover effects of sovereign rating downgrades; contingency plan recommended to deal with possible instability
Portuguese CDS spreads climb after austerity measures voted down
The EU prepares itself for another sovereign bail-out after Portuguese parliament rejects tax rises and budget cuts
Moody’s Portugal downgrade sparks further speculation of bailout
Moody’s cuts Portugal’s credit rating by two notches to A3 on weaker growth prospects; analyst says bailout expected in coming months
Austerity measures provide long-term benefits: Bank of Portugal paper
Bank of Portugal says fiscal consolidation is welfare improving in the long term, but not the short term
IMF deputy managing director Portugal to leave Fund
Fund’s deputy managing director Murilo Portugal steps down to pursue vacant presidency role at Brazilian Banking Federation
Portugal succeeds at auction but fails to sway analysts
Portugal sells $1.6 billion worth of government debt at auction, but commentators remain wary of fundamentals
ECB repos, not bond purchases best fix for debt woes: Deutsche Bank note
Deutsche Bank paper moots the use of targeted long-term repurchases to shore up peripheral bond markets, rather than more outright purchases
Portuguese banks’ reliance on ECB 'unsustainable', says central bank
Bank of Portugal Financial Stability Report says domestic lenders’ reliance on eurosystem funding has spiralled; sovereign’s declining prospects a key factor
Periphery CDSs break records as sovereign fears continue
Portugal might be next peripheral to seek help, economist warns, as its CDS hits record high.
Irish bailout fails to restore faith in PIIGS debt
CDS spreads on peripheral eurozone debt widen despite €90 billion in aid
Irish woes may spread to other PIIGS
European Union action on Ireland’s bank debts points to fears over contagion spreading across peripheral Europe
Make the right decision: Spain’s Ordóñez to Dublin
Governor of the Bank of Spain suggests Irish officials ask for help as fears grow that Dublin’s resistance to a bailout will trigger contagion
Irish bonds sixth riskiest: report
Credit default swap spreads on Irish bonds spike more than any other in third quarter; Portugal also among ten riskiest sovereign issuers
Investors demand premium for Portuguese debt
Auction results show rising cost of Portuguese debt, analysts say investors are sending message to government to tackle deficit
CEPR: PIGS neglected current account deficits
Centre for Economic Policy Research study shows adoption of euro caused countries to relax current account discipline
Banks upped exposure to troubled eurozone states in first quarter: BIS
Bank for International Settlements says first quarter figures show exposure to Portugal, Greece and Spain grew, in spite of default worries
Portuguese debt office agrees to post collateral to its dealers
Agency becomes one of first developed-market sovereigns to succumb to dealer pressure as costs of one-way collateral postings grow
EU stress tests detail exposure to Piigs debt
Stress tests show which banks are heavily exposed to riskiest sovereigns
Differing sovereign debt haircuts to be included in EU stress tests: reports
Reports quote German banking officials as saying that extreme scenarios will apply steep haircuts to PIIGS sovereign debt, but none to bunds or French paper
CentralBanking.com panel: ECB’s response to Greek crisis too slow
Mike Williams, Paul Mortimer-Lee, and Phil Davis say the ECB should have moved more swiftly to tackle the fiscal problems in Greece