Portugal recession

The news of the last week could certainly have been more satisfactory and who expected that the base rate increase would lead to a short-termed improvement, was rather mistaken. Portugal is on the brink of a recession and the Euro is on a downhill slide. Yesterday the Dollar was again for the first time on the stock exchanges stronger than the Euro itself.

The wait-and-see attitude of the European Central Bank sent the Euro initially in a downward spiral. After the Council of the European Central Bank in Helsinki ECB boss Trichet said, that the European Central Bank would watch closely the price development in the next few weeks. Experts interpret this sentence as a hidden announcement for the next base rate increase in July. After Trichet’s comment the Euro fell again under the mark of 1.47 Dollars.


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