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Tag Archives | Portugal

A word about banks and the laundering of drug money

I just wanted to write a quick note about HSBC and money laundering. When we hear of a bank caught money laundering there is a tendency, gently encouraged I think, by the banks and the media, to think of it as we would if we heard of someone in our street having been caught fencing […]

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The Eurofiscal Corruption Contest – The Portuguese Entry

Portugal’s entry in the EuroFiscal Corruption Contest is a more modest affair than Spain’s. It centres round a simple fact, which I picked up a few days ago from Bloomberg, that Isabel dos Santos, the daughter of Angola’s president, is the biggest shareholder in Portuguese cable-television company Zon Multimedia (ZON) SGPS SA, and holds 19 percent of Portuguese […]

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Portugal’s bond auction – behind the ‘Pravda’ headlines

Reuters headline is that the yield on Portugal’s ten year debt dropped due to high demand at this auction. Which as the article goes on to suggest, averts bond disaster and lowers the pressure on Portugal.  I see this as the now customary Pravda style “all news must be good news”. What the facts tell […]

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Bond market today

Just a quick bond market note. ftse was down about 40 points this morning as were all the other European markets. Mid morning they all went vertically up. The reason, as Market Watch printed as a headline, “Portugal sale helps spirit”. This was the news that Portugal managed to sell about one billion euros of […]

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