Os temas mais marcantes nacionais no que vai de 2012 em Portugal
Em suma, os maiores desafios para a segunda metade de 2012, em termos nacionais e internacionais, serão
Meanwhile, investors, German and otherwise, have taken advantage this long interregnum of default-that-is-not-default, since at least 2009, to reduce their exposure to over-indebted countries, and to pass the "hot potato" of distressed debt to the collective official creditors such as the ECB.
This is the equivalent of mutualization of distressed European debt from the creditor side, in contrast to the mutualization of debt from the issuer side, something which is not gone beyond the discussion stage. In the case of debt securities rather than bank debt, it is more difficult, but still important, to force lenders to renegotiate terms and to do a traditional "debt workout" with restructuring of debt tenors and burden sharing between debtors and creditors, all essential elements for any sustainable workout solution.
See Bloomberg article describing how irresponsible borrowers using bailout funds to repay equally irresponsible lenders in http://www.bloomberg.com/news/2012-05-23/merkel-should-know-her-country-has-been-bailed-out-too.html
a concept initially presented in this blog in March 2011 in http://ppplusofonia.blogspot.pt/2011/03/adjustment-effort-must-focus-directly.html, and http://ppplusofonia.blogspot.pt/2011/09/debt-workout-101-games-borrowers-and.html
EU deposit guarantee NOW http://ppplusofonia.blogspot.pt/2012/05/eu-wide-deposit-gurantees-now.html