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| Lisbon, Portugal |
Here we go again...
Moody's on Tuesday cut Portugal's credit standing to junk in the first such move by a ratings agency and warned the country may well need a second round of rescue funds before it can return to capital markets.
Moody's Investors Service slashed Portugal's credit rating by four levels to Ba2, making it follow Greece into junk territory below investment grade.
I expect a repeat of the political crisis in Athens to develop in Lisbon. Riots, tear gas, chanting throngs of irate citizens and the Galtian overlords insisting on austerity, austerity and... oh yes, more austerity. Because nothing grows like contraction.
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