Portugal Just Threw Another Dagger At Europe
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We hope you had an excellent weekend.
If you want to feel gloomy as things get going again, check out the latest from SocGen's Kit Juckes, who talks about the Portuguese Supreme Court rejections of austerity measures, and the fear that global growth is crumbling again.
The weekend talk is all Euro and of course, all bearish. The CFTC data on Friday night confirmed that the market got itself good and short euro and good and long dollars and that set the scene for the bounce. But Draghi DID hint at lower rates. And then Portugal's constitutional court threw a fast ball at the Portuguese government. Apparently, cutting pay and benefits for the public sector is unfair on the rest so they need to try again. The result is that there's a hole in the austerity plan and everyone else (ie Spain) is looking to see what happens. Europe has no growth plan, and austerity into recessions is unpopular. And perhaps unconstitutional.
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