Currency Analyst since 2010

Portugal: general strike

A general strike takes place today un Portugal – the fourth one in 2 years – in protest at the government’s austerity policies which the nation has to adopt in return for a 78B euro ($102 billion) bailout 2 years ago, unemployment of 17.8% and the third straight year of recession forecast in 2013.

European peripheral bond yields increased since the US Federal Reserve said it would wind down injections of cheap money that investors used to buy risky bonds. Portugal’s 10-year bond yield has soared from 3-year lows of about 5%, reached in May to almost 7% now, the highest level since December.  Still, the yield is well below last year’s record of more than 17%.

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