Portugal faces important test.
The iOnline reports that Portugal is to return to the international bond market today. The last auction of bonds was on April 1, 2011, five days before Portugal asked for help from the Troika. “As promised, Portugal will return to public sale of long-term debt at an auction before the end of the adjustment program” the IGCP (Agency for the Management of Treasury and Public Debt) announced last week, specifically that it will hold an auction of ten year Treasury bonds today (23rd). The amount of bonds being sold is between €500 and €750 million, which apparently is relatively modest – its primarily aim is to test the response of investors, especially in buying debt with longer maturity (they are 10-year bonds). The last auction was held on April 1, 2011, when €1645 million of bonds were auctioned. These were shorter-term debt (15 month term) and the average interest rate 5.793%.
Update – from Yahoo News 24.4.14:
“Portugal breezed through a key bond market test on Wednesday, enjoying sharply lower borrowing costs just weeks before it exits a 78-billion-euro ($108 billion) rescue programme.The successful bond market auction was crucial for the country, showing it can raise its own finances once the international bailout, extended three years ago, comes to an end on May 17. The yield of 3.575% was sharply down on previous interest rates”
Expats desert Spain in droves
Interesting article on the front page of the Telegraph online today The same story is also in the Mail online under a headline “How a life in the sun can spell misery” – reporting how those living in the Med were less happy than those living in Northern European countries.
Apparently nearly 90,000 Britons abandoned their Mediterranean dreams in Spain last year, according to new figures from Town Halls across the country. Registers have recorded a steep drop in the number of Britons, falling 23 per cent from 385,179 on Jan 1 last year to 297,229 at the end of December. Other European expatriates are also taking their leave – the registered German population fell by 23.6 per cent to 138,917 and the French population by 12.7 per cent to just over 100,000. The on-going effects of the Eurozone crisis, a huge property slump and a rapidly shrinking job market have contributed to the exodus, reducing Spain’s total population for the second year running. The only nationality to increase their presence in Spain were the Chinese.
Final piece of botanical art
The reproduction of the botanical art by Angie Gray over the last four blogs has generated very positive feedback. Signed prints are available, as of course are originals – anybody interested should e-mail the blog and I will put you directly in touch with Angie, who is based in Calheta. The final one is the flower of a tulip tree – I will put all of them on our Instagram site (link on the right) together with one of her current “work in progress” – an Angel Trumpet. Thanks Angie!