November 15, 2010
Can Portugal, Ireland and Greece get through the latest spikes in their bond prices without some help from Brussels, or from the IMF? Attention has been focused on Ireland since the sharp movement in markets at the end of last week. The Irish government points out that its expenditure is fully funded until the middle of 2011, so it has no need to tap bond markets yet. Its preference is to pass a budget on December 7th and hope that markets then calm down. Ireland at least has some good news to balance against the bad: both foreign direct investment and industrial production are up sharply. Greece and Portugal have no such bright patches to point to. On November 15th Eurostat, the European statistics agency, revised Greece's budget shortfall for last year up to 15.4%.
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