Pontos críticos

Costa Pina, um optimista irredutível?

05/01/2011
Colocado por: Rui Peres Jorge

As últimas emissões de dívida pública portuguesa têm sido tudo menos animadoras. Esta é pelo menos a opinião da maioria dos economistas e analistas. Mas há excepções: numa pequena aldeia no Terreiro do Paço em Lisboa mantém-se um conjunto de optimismas irredutíveis, encabeçados por Carlos Costa Pina, o secretário de Estado do Tesouro.

 

Portugal pagou hoje 3,686% por empréstimo a seis meses através de Bilhetes do Tesouro

 

“O resultado reflecte a confiança dos investidores, nacionais mas sobretudo dos investidores estrangeiros, no nosso mercado de dívida pública”, Carlos Costa Pina 

 

“Today, Portugal sold 500 million euros in six-month bills. This should be a lay-up for most sovereign issuers, requiring barely any yield. But Portugal found itself forced to pay a whopping 3.69% to attract interest. By comparison, Germany pays less than 1% to attract buyers to two-year notes. In addition, the yield Portugal played was well above the 2.05% it paid on Sept. 10, 2010 in a similar auction”, MarketBeat, Wall Street Journal

 

“Debt-burdened Portugal successfully raised euro500 million in a Treasury bill sale but is paying a steeply higher interest rate as investors remain uneasy about the eurozone's weakest economies. Analysts still say Portugal's anemic growth and rising debt may force it to seek a bailout like Greece and Ireland, though the government insists it doesn't need help”, Associated Press

 

” Lisbon had to pay 3.68 per cent in yields for six-month loans, a jump from 2.04 per cent compared with a similar sale in September and 0.59 per cent a year ago. One strategist said: “This is ominous. Portugal is heading towards a bail-out as the country's borrowing costs are continuing to rise. This is unsustainable”, Financial Times

 

A 26 de Novembro o Financial Times Deutschland noticia que Portugal está a ser pressionado para pedir ajuda

 

“Mas a pressão esta agora centrada em Espanha”, Carlos Costa Pina, Negócios, 26 Nov

 

“The FT Deutschland is reporting that the EU is pressuring Portugal to be the next to walk the plank and quickly accept a bailout package in order to head off the spreading of credit worries. This story however was denied by a German government spokesman and Portugal said they are not being asked. Either way, 5 yr CDS in Portugal, Ireland and Spain are rising to new record highs at 500, 600 and 320 bps respectively. To put these sovereign levels into perspective, California trades at 300, El Salvador at 310, Lebanon at 295, Hungary at 360, Coca Cola at 38, McDonalds at 39, Cablevision at 360 and the USA at 42”, Peter Boockvar, The Big Picture, 26 Nov.

 

“While Portugal is clearly the next in line, it is in a better position than Ireland. But the country's situation is still precarious and it will face new challenges early next year. If markets turn to their next target then, Portugal may yet struggle without [international] help”, Emilie Gay, Capital Economics, Financial Times, 26 Nov.

 

“A full financial bailout of Portugal involving the European Central Bank (ECB) and the International Monetary Fund (IMF) looks set to happen in the first half of 2011”, The Left Banker, 30 Dez. (Via Ladrões de Bicicletas)

Rui Peres Jorge
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