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Portuguese Spreads Soar As Cabinet Unravels, “There Are Reasons To Be Concerned” JPM Warns

from Zero Hedge:

Following finance minister Vitor Gaspar’s resignation, the foreign affairs minister Paulo Portas has just added to Prime Minister Coelho’s problems and quit in light of who the PM chose as replacement for Gaspar. Gaspar was one of the key Portuguese policy makers to oversee the country’s bailout program, and in his letter of resignation, noted that he had lost the public’s support to continue with the deeper-than-expected recession and above-target public deficit developments. Mr. Gaspar’s replacement will be the current treasury secretary, Maria Luís Albuquerque, and that is what sparked the Portas to exclaim, “the Prime Minister decided to follow the path of mere continuity at the Finance Ministry. I respect that but disagree.” Coelho is due to make a statement at 1900GMT but in the meantime, Portugal’s bond market has spiked its most in 10 months relative to its risky neighbor Spain back above 200bps.

Read More @ ZeroHedge.com

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