Don’t worry, Eurozens: We’re waiting for
Greece California to get hammered, too.
In light of Portugal becoming stage two of Europe’s reverse rocket (in)to
space Earth, I present to you this rather apt number by the immortal Queen, with some incisive analysis after the requisite block quote:
The following drivers prompted Moody’s decision to downgrade and assign a negative outlook:
1. The growing risk that Portugal will require a second round of official financing before it can return to the private market, and the increasing possibility that private sector creditor participation will be required as a pre-condition.
2. Heightened concerns that Portugal will not be able to fully achieve the deficit reduction and debt stabilisation targets set out in its loan agreement with the European Union (EU) and International Monetary Fund (IMF) due to the formidable challenges the country is facing in reducing spending, increasing tax compliance, achieving economic growth and supporting the banking system.
Incisive analysis: Eur f***ed.
Enjoy the song!