The nightmare wakes you in Portugal

The Angelic Κοτσοβού
Two years ago he managed something that for Greece seems still elusive dream: The Portugal escaped from the nightmare of the…
memorandum, concluding in May of 2014, the programme of fiscal adjustment, having regained the confidence of the markets and having left permanently in the back of the debt crisis.
Or do you not? The answer to this question will determine not only the future of the Lisbon, but the whole of the Eurozone. And the fate of the country is, once again, by the rating agencies. The house DBRS will decide tomorrow if Portugal deserves to remain in the category of high investment rating (investment-grade) or must be transferred to the category of “trash”, where you rank the rest of the houses.
If the DBRS give the coup de grâce, downgrading Portugal, then automatically makes the Portuguese bonds not eligible for the program of quantitative easing by the European Central Bank. Thanks to the ECB and the sovereign debt markets, the cost of borrowing for Lisbon has fallen close to 3%, while for Greece -located in the third memorandum and struggling to close the first assessment, the corresponding cost is approaching 9%.
The last thing you need right now, Europe is to be added to a new outbreak of crisis, the moment is already faced with multiple and dangerous “fronts”: The refugee has already divided the countries-members, the British in June to decide if they want to remain within or outside the family, while the “odyssey” of Greece continues for the sixth consecutive year.
The DBRS may, eventually, not downgrade Portugal, although there are valid concerns due to the high debt and sluggish growth. If, ultimately, contradict the expectations, it adds another challenge to the already difficult road in front of the test Europe.
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