|Portuguese President Re-Ignites "Time-Bomb"; Threatens Early Elections|
|ZeroHedge, 11/07/2013 (traduire en Français )|
As Reuters reports, Portugal's political crisis re-deepened today after the President rejected a plan to heal a government rift and critics accused him of igniting a "time-bomb' by calling for early elections. Anibal Cavaco Silva rejected a cabinet re-shuffle, and proposed a coalition to guarantee support for the Troika-imposed austerity measures (which theoretically means Portugal will exit its bailout next year) to be followed by elections - implicitly showing little faith that any party can rule effectively through the middle of next year. "The announcement... comes as a surprise, ... adding anothe problem to the one that already existed," noted one analyst.
|Portugal Uncorks Bottle of EU Crisis Genie|
|Mish's Global Economic Trend Analysis, Mike Shedlock, 11/07/2013 (traduire en Français )|
Portugal 10-Year Bond Yield
Multiple Crisis Genies Unleashed
The coalition in Portugal cannot last and Portugal is 100% certain to need another bailout.
With German elections coming up in September, politicians everywhere are scrambling to contain the "Crisis Genie" until after the election.
Financial Times writer Peter Wise says Last week’s protests in Portugal show it will not take much to uncork the botle of the ECB’s crisis genie.
I suggest more than one genie is already out of the bottle: the spy genie, the Italy genie, the Portugal genie, the EU Banking Proposal genie, etc.
Some genies are more powerful than others, but all will help AfD bring an end to the regime of chancellor Merkel in September. For related discussion, please see Germany Election Update: AfD Soars in Online Poll; Is Merkel Toast?