Periphery European governments are stepping up austerity measures to reduce deficits. In Spain, the Prime Minister announced a big budget reduction plan in 30 years. The country has planned to reduce deficits to 6% of GDP in 2011 from 11.2% in 2009. In Portugal, the Finance Minister said he’s prepared for ‘social tension’ as the government has also plan to cut spending massively. The plans calmed investors and stocks and most commodities advanced yesterday. However, both the euro and WTI crude oil dropped.
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