Friday, November 26, 2010

Portugal and Spain: More Denials

by Bill McBride on 11/26/2010 08:23:00 AM

From the previous post excerpting from Michael Pettis:

Its official – Spain and Portugal will need to be bailed out soon. How do I know? In one of my favorite TV shows, Yes Minister, the all-knowing civil servant Sir Humphrey explains to cabinet minister Jim Hacker that you can never be certain that something will happen until the government denies it.
From the Financial Times: Portugal denies facing bail-out pressure
Portugal has denied as “totally false” reports that it is under pressure ... to request an international financial bail-out.

“There is no truth to these reports,” a government spokesman told the Financial Times.
excerpt with permission
And from the Financial Times: Spain issues defiant warning to markets
José Luis Rodríguez Zapatero, Spanish prime minister, on Friday ruled out any rescue package for the country ... “I should warn those investors who are short selling Spain that they are going to be wrong and will go against their own interests,” Mr Zapatero said

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