Portugal and Madeira News from Paul Abbiati:
Portugal passed its first financial test
Portugal passed its first financial test.
“The government went to the bond markets today (Wednesday) and has managed to raise the 1.25 billion Euros it needs at a cost of around 6.8%. The yield (interest rate) is high and perhaps unsustainable in the long run but for now it will do.”
The next test
The next test will come later this month on the 21st when Portugal faces 3.4BN Euros of Treasury bill redemptions and then again on February the 8th (3.8BN of t-bills).
O ministro das Finanças de Portugal, Fernando Teixeira dos Santos, fala com a imprensa depois de se reunir com o ministro da Fazenda, Guido Mantega
EU Rescue Fund: changing the size and the scope
The EU realises that the current stability mechanism is not fail safe insurance if one of the big two goes under. According to the Economic and Monetary Affairs Commissioner, Oli Rehn, talk is ongoing about changing the size and the scope of the EU’s rescue fund. The 450 billion available is thought by many to be inadequate, should a country the size of Spain need a lifeline.
Funchal Port Madeira breaks passenger record
The Diario Newspaper reports that APRAM (the Port Authority) reports that in 2010 passengers into the port increased by nearly 60,000 from 2009.
All the statistics through a link in the article here:
20,000 dollars donation from Madeiran-Americans for Boa Esperança chapel
Iniciative of Gregório Rosa e John Faria of the Madeiran community Lowell, Massachusets, United States.
James McNeill Whistler Birthplace, Lowell, Massachusetts
James Abbott McNeill Whistler (1834-1903) was an American painter born in Lowell
Whistler James Arrangement in Grey and Black 1871
Traditional Santo Amaro Paul do Mar Walk Saturday 15th January
Meeting point for Coach in Funchal to Ponta do Pargo – then walk to Paul do Mar is the Courthouse (‘Palace of Justice’) 8.15 am. To register for the transport and more information call: 291228916
The ancient Ladeira walk from Faja da Ovelha down to Paul do Mar