Chart of the week: Portugal’s remarkable recovery
At the height of Portugal’s debt crisis in 2011, it cost Lisbon considerably more to borrow over ten years than Rome. Not anymore.
"Portugal is overtaking Italy in the bond-market pecking order," says Aimee Donnellan on Breakingviews. At the height of Portugal's debt crisis in 2011, it cost Lisbon around 11% more to borrow for ten years than Rome. Now the ten-year yield has slipped below Italy's for the first time since 2009.
This cements an impressive rebound. The deficit will slide to just 1.3% of GDP this year, while loosening labour laws has boosted growth to an estimated 2.5% this year. The debt pile of 125% of GDP is shrinking. Italy is growing more slowly, has implemented virtually no structural change, and is politically unstable.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published
-
The charts that matter: bond yields and US dollar continue to climb
Charts The US dollar and government bond yields around the world continued to climb. Here’s what happened to the charts that matter most to the global economy.
By Ben Judge Last updated
-
The charts that matter: markets start the year with a crash
Charts As markets start 2022 with a big selloff, here’s what happened to the charts that matter most to the global economy.
By Ben Judge Published
-
The charts that matter: Fed becomes more hawkish
Charts Gold rose meanwhile the US dollar fell after a key Fed meeting. Here’s what else happened to the charts that matter most to the global economy.
By Saloni Sardana Published
-
The charts that matter: a tough week for bitcoin
Charts Cryptocurrency bitcoin slid by some 20% this week. Here’s what else happened to the charts that matter most to the global economy.
By Ben Judge Published
-
The charts that matter: omicron rattles markets
Charts Markets were rattled by the emergence of a new strain of Covid-19. Here’s how it has affected the charts that matter most to the global economy.
By Ben Judge Published
-
The charts that matter: the US dollar keeps on strengthening
Charts The US dollar saw further rises this week as gold and cryptocurrencies sold off. Here’s how that has affected the charts that matter most to the global economy.
By Ben Judge Published
-
The charts that matter: gold hangs on to gains while the dollar continues higher
Charts The gold price continued to hang on to last week’s gains, even as the US dollar powered higher this week. Here’s how that has affected the charts that matter most to the global economy.
By Ben Judge Published
-
The charts that matter: inflation fears give gold a much needed boost
Charts US inflation hit its highest in 30 years this week, driving gold and bitcoin to new highs. Here’s how that has affected the charts that matter most to the global economy.
By Ben Judge Published