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    A Canadian rating agency upheld Portugal's investment-grade credit rating, ensuring continued access to ECB bond-buying. Portugal's 2016 fiscal deficit was well below targets, demonstrating commitment to EU fiscal rules. While a failed bidder may legally challenge the sale of Novo Banco, Portugal's deputy finance minister believes challenges are unlikely to stop the sale. Portugal also announced its national deficit was 2.06% of GDP in 2016, the best since 2010 and below expectations, and an evacuation plan for 1 million Portuguese people living in Venezuela.

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    Market Wrap on financial news concerning Portugal

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    Market Wrap on Portugal

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    A Canadian rating agency upheld Portugal's investment-grade credit rating, ensuring continued access to ECB bond-buying. Portugal's 2016 fiscal deficit was well below targets, demonstrating commitment to EU fiscal rules. While a failed bidder may legally challenge the sale of Novo Banco, Portugal's deputy finance minister believes challenges are unlikely to stop the sale. Portugal also announced its national deficit was 2.06% of GDP in 2016, the best since 2010 and below expectations, and an evacuation plan for 1 million Portuguese people living in Venezuela.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    Market Wrap On Portugal

    Uploaded by

    kyriacos
    A Canadian rating agency upheld Portugal's investment-grade credit rating, ensuring continued access to ECB bond-buying. Portugal's 2016 fiscal deficit was well below targets, demonstrating commitment to EU fiscal rules. While a failed bidder may legally challenge the sale of Novo Banco, Portugal's deputy finance minister believes challenges are unlikely to stop the sale. Portugal also announced its national deficit was 2.06% of GDP in 2016, the best since 2010 and below expectations, and an evacuation plan for 1 million Portuguese people living in Venezuela.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Market Wrap on Portugal

    April, 22th 2017

    ACanadianratingagencyhasupheldPortugalsonlyinvestmentgrade
    creditratinginadecisionthatensurestheformerbailoutcountrys
    continuedaccesstotheEuropeanCentralBanksgovernmentbond
    buyingprogram.DominionBondRatingServiceonFridayconfirmed
    PortugalsBBB(low)ratingwithastableoutlook,sayingthe2016
    fiscaldeficitcameinwellbelowthetargetsetbytheEuropean
    Commission,demonstratingthegovernmentscommitmenttocomply
    withEUfiscalrules.
    LegalchallengesareunlikelytostopthesaleofPortugal'sNovoBanco,
    thecountry'sdeputyfinanceministerRicardoMourinhoFelixsaidon
    Friday,addingthatthecentralbankwasconfidentinthelegitimacyofthe
    process.Afailedbidderforthebank,whichwascarvedoutofcollapsed
    BancoEspiritoSantoin2014,askeditslawyersthisweektoblockthe1
    billioneuro($1.08billion)saletoU.S.fundLoneStarandsaidtheBank
    ofPortugalshouldrelaunchthebidding.Londonbasedfinancialfirm
    AethelPartnerscomplainedthatthecentralbankhadnotproperly
    consideredits3.8billioneurobidwhenitawardedNovoBancotoLone
    Starlastmonth.
    Onthenationalaccountfor2016:INEannouncedtheNationaldeficit
    totaled2,06%oftheGDP,thebestsince2010andbelowexpectations.
    ThePortugueseGovernmentannounced,aswell,anevacuationplanfor1
    millionPortuguesepeoplelivinginVenezuela.

    Written by: Antonio de Pinho and Kyriacos Inios

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