18 July 2012

PORTUGAL / SPAIN / EUROZONE : Lisboa Gets Plaudits, Rajoy Jeers..From Markets About Reforms.

       Spain's PM Mariano Rajoy apparently needs to more closely follow neighboring Portugal's path to restore market confidence and avoid an international bailout.
        In Lisboa...PM Passos Coelho took a tough uncomplaining route and kept the TROIKA content...while Rajoy delivered a defiant mixed message...and then procrastinated...until the last minute.
       The markets continue to punish Spain...as its 10-year bond hovers around the untenable 7% level.