PIMCO – Bill Gross | February 2010: The Ring of Fire
"Debt Crisis Watch Turns to Portugal - Next target: Portugal", an article today published in The New York Times, puts Portugal featured on Google. The text is a description of the terrible portuguese economic and financial situation.
Accordingly, analysts say, it will be all the more difficult for Portuguese politicians to explain to their already pinched populace that more sacrifices — from public-sector wage cuts to higher value-added taxes — are necessary.(...)
Gilles Moëc, an economist for Europe at Deutsche Bank, said, “It is going to be a long and painful process for Portugal, and there are questions about whether they can do it.” He added, “It’s a reminder that there is an issue here.”, The New York Times.