PSI clock ticks for Portugal as bond markets slam shut
The Republic of Portugal’s capital markets future is on a knife-edge. A political falling out over the implementation of Portugal’s austerity package that surfaced this week could kill off the sovereign’s hopes of regaining market access before it needs to renegotiate an exit to its bail-out programme, even if its government manages to survive.
If the worst comes to the worst, the political turmoil could herald a new deal with the Troika (the IMF, the European Union and the European Central Bank) with a full cash bail-out and either private sector involvement (PSI) or a bail-in of the country’s assets.
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