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03-26-2011, 10:58 PM #1
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S&P Nightmare Scenario: Spanish Housing Prices Drop 45%
Friday, March 25, 2011 4:48 AM
S&P Nightmare Scenario: Spanish Housing Prices Drop by 45%, GDP Drops by 20%, Interest Rates Hit 17%; Portugal May Need $99B; Missteps by Merkel
In the wake of the collapse of the Portuguese government comes the not unexpected news Portugal May Need $99 Billion Rescue http://www.bloomberg.com/news/2011-03-2 ... ilout.html
A bailout for Portugal may total as much as 70 billion euros ($99 billion), two European officials with direct knowledge of the matter said, as credit-rating cuts threatened to deepen Portugal’s debt woes.
Preliminary calculations put the cost of a lifeline from 50 billion to 70 billion euros, said the officials, who declined to be named because the issue is confidential. Portugal continued to rule out a rescue after the parliament’s rejection of budget cuts led Prime Minister Jose Socrates to offer to quit.
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