Portugal meets its deficit target this year

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Source: The Wall Street Journal
Portugal is taking drastic measures  in order to meet its bailout requirements, but the initiatives do not ensure the country's presence on markets next year, the Bank of Portugal reported on Monday.  The central bank acknowledged that the government significantly consolidated the budget last year, bringing the budget deficit to 4.2 % of GDP. Portugal is determined to meet a deficit target of 4.5 % this year.

 

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Tue, 15 May 2012 06:22:23 GMT

Moody's cut credit rating of 26 Italian banks

Mood's has lowered the credit rating of 26 Italian banks, citing that the county's financial sector is becoming more vulnerable to crisis and impacts of the budget reductions. The largest Italian banks as Unicredit and Intesa Sanpaolo were also downgraded from A2 to A3. Ten banks were downgraded to junk status. All banks were put on negative watch, implying that

Tue, 15 May 2012 04:54:22 GMT

The Eurozone's economy contracts

The Eurostat data revealed that the Eurozone industrial production declined more-than-expected in March, meaning that Europe's economy contracted last quarter and entered a recession. Industrial output dropped 0.3% in March and by 2.2 % on the year. The EU's statistical office will publish the data of Q1 GDP on Tuesday. Economists are expecting a 0.2% quarterly drop. 

Tue, 15 May 2012 04:36:22 GMT

Higher risk of Greek withdrawal from the Euro hits the markets

The increasing concerns over Greece's withdrawal from the Eurozone hit the markets. The European stocks tumbled sharply, the Euro depreciated against the US Dollar to its lowest level in four months, whereas Spain's and Italy's borrowing costs skyrocketed. Apparently, the ECB's injection of €1 trillion into the banking system does not provide the desired result.

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