Draghi put

As garantias de Mario Draghi sobre o euro transformam os PIGS num destino de investimento mais seguro do que as varias turquias, rússias, brasis e chinas do mundo. Portugal, a Espanha, a Itália, a Irlanda, a Grécia são hoje países re-emergentes. Nada para nos orgulharmos muito, mas por enquanto dá para safar: “once again, foreign investors are piling into the government bonds of Ireland, Spain and Portugal — countries that got into such debt trouble that they required bailouts. Now these countries are able to sell their bonds at lower interest rates than they have seen in years, renewing hope that Europe has turned a corner. And yet, there are still few signs of relief from the deeper-rooted economic woes that have trapped much of the euro zone in a slump for more than five years — and that continue to be a drag on the global economy. Despite the suddenly easier terms under which Ireland and other recovering euro zone countries can borrow, the fact remains: These countries are still mired in stagnation. If investors, in their renewed appetite for euro bonds, are betting on Europe’s recovery, it is hardly a no-risk gamble.  (…) Some attribute the fact that the bond offerings have been warmly received to institutional investors rotating out of emerging markets like India and Brazil. Money managers worry about the potential global ripple effects as the Federal Reserve begins to taper its economic stimulus program. Such investors now view some of the European countries that were bailed out as a safer bet“.

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