Pls see my post on 17th Dec as below
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Portugal in Nov 2010 said they did not need a bailout.http://www.reuters.com/article/2010/11/22/portugal-socrates-idUSLDE6AL1KO20101122
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FRIDAY, 17 DECEMBER 2010
Europe - Trouble Ahead
Expect deflation to take hold in Europe in the coming years.
Europe's Bail Out Fund is set to collapse.
So far only Greek FTASE Index is below March 2009 bottom.
Expect Ireland, Portugal and other countries like Spain and Italy to test March 2009 lows in coming years.
Expect UK Housing market to be under stress in the next 5 years.
Expect much more pain in the UK Commercial Real Estate sector in the coming years.
This space is set to get ugly.
Europe's Bail Out Fund is set to collapse.
So far only Greek FTASE Index is below March 2009 bottom.
Expect Ireland, Portugal and other countries like Spain and Italy to test March 2009 lows in coming years.
Expect UK Housing market to be under stress in the next 5 years.
Expect much more pain in the UK Commercial Real Estate sector in the coming years.
This space is set to get ugly.
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And today they are in need of a bailout
How funny is that?
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As I have said before, Greece , Ireland and Portugal will all default (at least one if not all three )
As you know they go for a bailout and the ECB prints.
This is not sustainable.
Expect the EFSF to collapse.
Spain is in line now.
No matter how much and what they say - Europe is toast.
Its only a matter of time.
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