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Wednesday, Jul 3
Portuguese markets have gone into meltdown as the austerity induced political crisis threatens...
Portuguese markets have gone into meltdown as the austerity induced political crisis threatens the government's existence. Local media reported that ministers from the CDS-PP, the ruling coalition's junior partner, are ready to follow their leader and Foreign Minister Paulo Portas out the door after he resigned yesterday. Portas' departure came after Finance Minister Vitor Gaspar quit on Monday. However, PM Pedro Passos Coelho is so far holding firm. The PSI 20 is -6.5%, 10-year bond yields spike to around 8%.