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Kiron Sarkar
February 7, 2012
Hi there,
FYI. Generally agree, but the Portuguese economy cannot survive with debt levels of 120%. In my humble opinion, a haircut (around 40%) will be needed.
Portugal: Focus on the fundamentals
Read Article
Best
Kiron
As more parallels are drawn between Portugal and Greece, it is important to perhaps draw attention to some key differences. For one thing, Portuguese banks need for liquidity is no higher now than the middle of 2010, before Portuguese bond yields first breached 7%. And, the latest IMF forecasts (which admittedly will probably have to be revised, partly on the back of the IMF's much more downbeat view of Spain) still paints a very different picture for Portugal than Greece. Please see attached note. Kind regards, David
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