Comments »BERLIN (Reuters) – Angela Merkel’s supporters praised her for getting France to drop demands to use the European Central Bank to leverage euro crisis funds, but looked like making a meal out of the German parliament’s new right to be consulted on how these are used.
“Merkel’s Battle for our Euro,” was Monday’s headline in the mass-circulation conservative paper Bild, saying she taught France’s Nicolas Sarkozy “that the EFSF rescue fund cannot be used to print money” to solve the debt crisis.
“The chancellor must stick to her guns — in the interests of Germany and of Europe,” said the newspaper.
But while her supporters in the Bundestag (lower house of parliament) welcomed the assertiveness in Sunday’s summit from a leader often accused of dithering, they also risked delaying Europe’s response to the debt crisis at a crucial juncture by insisting on a full debate before Wednesday’s second summit.
Her Christian Democrats’ (CDU) floor leader Volker Kauder was said to want a full debate rather than just a vote by the 41-member budget committee, which would be quicker and less risky while still fulfilling new rules on consulting MPs.
A government source said the lower house would vote on the issue on Wednesday.
With criticism ringing in Germany’s ears from the head of the Eurogroup of single currency members, Jean-Claude Juncker, about it being slow to make decisions, Merkel met the heads of the main parties to seek consensus.
As a result of a constitutional court decision last month, she cannot agree to changes to the 440 billion euro European Financial Stability Facility (EFSF) without the agreement of the Bundestag’s budget committee, scheduled to meet on Tuesday.
She is then due to address parliament on Wednesday before returning to Brussels for what should be a more decisive summit on boosting the firepower of the EFSF, raising the contribution of private banks to Greece’s rescue, and getting European banks to increase their own capital to prevent contagion.
Her conservative bloc’s chief whip, Peter Altmaier, said Sunday’s summit “made headway” on all three issues, including “using the EFSF to avoid having to print money,” and it should now be possible to produce the “comprehensive” crisis response that Merkel and Sarkozy have promised by the end of this month.
U.S. schools fear worst of cuts to come
Comments »LANCASTER, Pa. (AP) – Teenage girls in ponytails and boys in long athletic shorts dash across the gym at Abraham Lincoln Middle School, pausing their game of indoor tennis to motion “Y-M-C-A” with their arms as the Village People’s song blares from the loudspeaker.
It’s a scene happening less frequently these days. Budget cuts and teacher layoffs have forced the school to cut some PE classes, reduce library hours and eliminate small literacy classes for problem readers and Spanish for sixth- and seventh-graders.
“I’m scared to death. As we continue to look at fewer and fewer non-classroom positions that are there, at some point it’s going to impact core classroom positions and that’s a very, very scary thing,” said principal Josh Keene.
Educators across America, like Keene, are bracing for a tough reality. Even in a best-case scenario that assumes strong economic growth next year, it won’t be until 2013 or later when districts see budget levels return to pre-recession levels, said Daniel Domenech, executive director of the American Association of School Administrators in Arlington, Va. That means more cuts and layoffs are likely ahead.
“The worst part is that it’s not over,” Domenech said.
Already, an estimated 294,000 jobs in the education sector have been lost since 2008, including those in higher education.
The cuts are felt from Keller, Texas, where the district moved to a pay-for-ride transportation system rather than cut busing altogether, to Georgia, where 20 days were shaved off the calendar for pre-kindergarten classes. In California, a survey found that nearly half of all districts last year cut or reduced art, drama and music programs. Nationally, 120 districts primarily in rural areas have gone to a four-day school week to save on transportation and utility costs, according to the National Conference of State Legislators. Others are implementing fees to play sports, cutting field trips and ending after-school programs.
Districts have little choice but to put off buying textbooks and technology and training teachers, said Rob Monson, a principal in Parkston, S.D., who is president of the National Association of Elementary School Principals.
At Abraham Lincoln Middle School, Keene says he’s worried — not just about offering electives next year, but whether class sizes in core subjects will jump from around 25 to 35 or 40. His district received $6 million less from the state this year, which meant six staff positions in his school were cut. Even if state funding remains the same next year, the district expects to have from $5 million to $7 million less because of increased pension obligations and other expenses.
Recognizing the reality districts face, President Barack Obama included $30 billion in his $447 billion jobs creation package to save teachers’ jobs. The Senate rejected the jobs package as well as a separate measure focused on saving the jobs of teachers and first responders. Senate Republican leader Mitch McConnell has said the plan resembles “bailouts” that haven’t proven to work and only perpetuate economic problems.
Not everyone sees all doom and gloom in schools’ budget woes. Some say many districts haven’t wisely spent tax dollars or didn’t adequately prepare for the end of the $100 billion in federal stimulus dollars for schools. And that while the number of students per teacher in America dropped from 22.3 in 1970 to 15.3 in 2008, according to the National Center For Education Statistics, they say the reduction hasn’t made a noticeable difference.
EU PMI contracts most since July 2009
Comments »LONDON (Reuters) – The euro zone’s private sector tipped further into decline in October, according to business surveys on Monday that showed the bloc’s economy is in serious danger of lurching from stagnation into outright recession.
Shrinking order books and plummeting confidence sent euro zone factories into contraction for the third month in a row, and service sector companies for a second month.
The Flash Markit Eurozone Services Purchasing Managers’ Index (PMI), which measures business activity at thousands of firms from banks to restaurants, sank to 47.2 this month from September’s 48.8, well below a Reuters consensus of 48.5.
In fact, none of the 35 economists polled by Reuters thought this preliminary reading of the services index would fall so far below the 50 mark that divides growth and contraction.
With Europe’s leaders laboring over effective means to fight a sovereign debt crisis that threatens to unleash a new global financial crisis, the PMIs showed little hope of cheerier days ahead soon.
“Most indicators seem to suggest it is going to get worse not better in the coming months. So there is a significant chance of a contraction in the fourth quarter,” said Chris Williamson, chief economist at survey compiler Markit.
He said the current level of the indexes, which have a good record of tracking economic growth, could signal a quarterly rate of decline approaching half a percentage point.
The services new business sub-index fell to 46.2 in October from 47.1 in September, its lowest reading since July 2009 when the euro zone was still escaping the worst recession since World War II.
A Reuters poll conducted earlier this month showed a 40 percent chance the euro zone will slip back into recession, while economists now expect the European Central Bank to reverse some of its monetary policy tightening later this year.
German manufacturing contracted this month for the first time in two years, according to individual country PMIs released earlier on Monday. The service sector rebounded unexpectedly but that was perhaps the only bright spot among this month’s surveys.
China PMI rebounds modestly
Comments »BEIJING (Reuters) – China’s vast manufacturing sector expanded moderately in October to snap three months of contraction, reflecting the resilience of robust domestic demand that is likely to soothe fears of an abrupt slowdown in the world’s second-largest economy.
HSBC’s flash purchasing managers’ index (PMI) also showed price pressures eased in China, underlining consumer price data that has shown a slight pullback in inflation from three-year peaks.
The flash PMI, designed to give an early snapshot of the month’s factory activity, rose to 51.1 in October from September’s final reading of 49.9 as new orders and new export orders expanded.
The reading surpassed the 50-point level demarcating expansion from contraction for the first time since June, when the PMI was 51.6.
“Thanks to the pick-up in new orders and output, the headline flash PMI rebounded back into expansionary territory during October, marking a steady start to manufacturing activities in the four quarter,” said Qu Hongbin, China economist at HSBC.
“Meanwhile, inflation components within the PMI results confirmed stable output prices growth and slower input price inflation. All these data confirm our view that there is no risk of a hard landing in China,” he said.
Qu expects annual industrial output growth to hover around 13 percent in October and the central bank to keep monetary policy stable in the coming months.
Asia Trades Higher
Comments »SYDNEY (MarketWatch) — Most Asian equity markets gained sharply on Monday after European leaders indicated progress on a plan to resolve the region’s debt crisis and preliminary data showed Chinese manufacturing is improving. Full Story here
The Tipping Point – America is Back, Baby!!!
By Ambrose Evans-Pritchard, International Business Editor
5:53PM BST 23 Oct 2011
World power swings back to America
The American phoenix is slowly rising again. Within five years or so, the US will be well on its way to self-sufficiency in fuel and energy. Manufacturing will have closed the labour gap with China in a clutch of key industries. The current account might even be in surplus.
Assumptions that the Great Republic must inevitably spiral into economic and strategic decline – so like the chatter of the late 1980s, when Japan was in vogue – will seem wildly off the mark by then.
Telegraph readers already know about the “shale gas revolution” that has turned America into the world’s number one producer of natural gas, ahead of Russia.
Less known is that the technology of hydraulic fracturing – breaking rocks with jets of water – will also bring a quantum leap in shale oil supply, mostly from the Bakken fields in North Dakota, Eagle Ford in Texas, and other reserves across the Mid-West.
“The US was the single largest contributor to global oil supply growth last year, with a net 395,000 barrels per day (b/d),” said Francisco Blanch from Bank of America, comparing the Dakota fields to a new North Sea.
Total US shale output is “set to expand dramatically” as fresh sources come on stream, possibly reaching 5.5m b/d by mid-decade. This is a tenfold rise since 2009.
The US already meets 72pc of its own oil needs, up from around 50pc a decade ago.
“The implications of this shift are very large for geopolitics, energy security, historical military alliances and economic activity. As US reliance on the Middle East continues to drop, Europe is turning more dependent and will likely become more exposed to rent-seeking behaviour from oligopolistic players,” said Mr Blanch.
Meanwhile, the China-US seesaw is about to swing the other way. Offshoring is out, ‘re-inshoring’ is the new fashion.
“Made in America, Again” – a report this month by Boston Consulting Group – said Chinese wage inflation running at 16pc a year for a decade has closed much of the cost gap. China is no longer the “default location” for cheap plants supplying the US.
A “tipping point” is near in computers, electrical equipment, machinery, autos and motor parts, plastics and rubber, fabricated metals, and even furniture.
“A surprising amount of work that rushed to China over the past decade could soon start to come back,” said BCG’s Harold Sirkin.
The gap in “productivity-adjusted wages” will narrow from 22pc of US levels in 2005 to 43pc (61pc for the US South) by 2015. Add in shipping costs, reliability woes, technology piracy, and the advantage shifts back to the US.
The list of “repatriates” is growing. Farouk Systems is bringing back assembly of hair dryers to Texas after counterfeiting problems; ET Water Systems has switched its irrigation products to California; Master Lock is returning to Milwaukee, and NCR is bringing back its ATM output to Georgia. NatLabs is coming home to Florida.
Boston Consulting expects up to 800,000 manufacturing jobs to return to the US by mid-decade, with a multiplier effect creating 3.2m in total. This would take some sting out of the Long Slump.
As Philadelphia Fed chief Sandra Pianalto said last week, US manufacturing is “very competitive” at the current dollar exchange rate. Whether intended or not, the Fed’s zero rates and $2.3 trillion printing blitz have brought matters to an abrupt head for China.
Fed actions confronted Beijing with a Morton’s Fork of ugly choices: revalue the yuan, or hang onto the mercantilist dollar peg and import a US monetary policy that is far too loose for a red-hot economy at the top of the cycle. Either choice erodes China’s wage advantage. The Communist Party chose inflation.
Foreign exchange effects are subtle. They take a long to time play out as old plant slowly runs down, and fresh investment goes elsewhere. Yet you can see the damage to Europe from an over-strong euro in foreign direct investment (FDI) data.
Flows into the EU collapsed by 63p from 2007 to 2010 (UNCTAD data), and fell by 77pc in Italy. Flows into the US rose by 5pc.
Volkswagen is investing $4bn in America, led by its Chattanooga Passat plant. Korea’s Samsung has begun a $20bn US investment blitz. Meanwhile, Intel, GM, and Caterpillar and other US firms are opting to stay at home rather than invest abroad.
Europe has only itself to blame for the current “hollowing out” of its industrial base. It craved its own reserve currency, without understanding how costly this “exorbitant burden” might prove to be.
China and the rising reserve powers have rotated a large chunk of their $10 trillion stash into EMU bonds to reduce their dollar weighting. The result is a euro too strong for half of EMU.
The European Central Bank has since made matters worse (for Italy, Spain, Portugal, and France) by keeping rates above those of the US, UK, and Japan. That has been a deliberate policy choice. It let real M1 deposits in Italy contract at a 7pc annual rate over the summer. May it live with the consequences.
The trade-weighted dollar has been sliding for a decade, falling 37pc since 2001. This roughly replicates the post-Plaza slide in the late 1980s, which was followed – with a lag – by 3pc of GDP shrinkage in the current account deficit. The US had a surplus by 1991.
Charles Dumas and Diana Choyleva from Lombard Street Research argue that this may happen again in their new book “The American Phoenix”.
The switch in advantage to the US is relative. It does not imply a healthy US recovery. The global depression will grind on as much of the Western world tightens fiscal policy and slowly purges debt, and as China deflates its credit bubble.
Yet America retains a pack of trump cards, and not just in sixteen of the world’s top twenty universities.
Read the rest here.
Should 65 Be Your Magic Retirement Number?
Q. In a few years, you will reach the traditional retirement age of 65. You aren’t sure if you want to keep working past that age. What factors should you weigh?
A. Consider yourself fortunate if you can choose whether or not to retire. Many older workers have had to postpone retirement because of the volatile stock market and uncertain economy.
First, make sure you would be in a financial position to retire. “You must understand how much money you have access to today and how deeply you are willing to dip into it if you stop earning entirely,” says Steve Langerud, director of professional opportunities and an alumni coach at DePauw University in Greencastle, Ind.
A trusted financial planner may be able to help you assess whether your 401(k) and/or pension, Social Security income, savings and home equity are enough to support the type of retirement you envision.
Layered atop your financial needs are health concerns, which, of course, can arise suddenly, Mr. Langerud says. Look at your health history and make a plan that includes the possibility of illness, he says.
Q. What else should you consider when deciding whether to retire?
A. Life expectancies keep rising , so realize that if you retire at 65, you are likely to have many more productive years ahead of you than retirees in previous generations did. This will affect your financial and your psychological health.
“People retiring lose their job and title, which are often tied up with their identity,” says David D. Corbett, founder of New Directions, a Boston firm that helps senior-level executives with career transitions. “It can also be isolating for many, not having work colleagues or a corporate infrastructure.”
Traditional retirement may lead to a lack of intellectual engagement, which is crucial for good health, says Gary J. Kennedy, director of geriatric psychiatry at Montefiore Medical Center in New York.
If you think of the brain as a computer, physical and mental activity are “essentially upgrading its hardware and programming,” Dr. Kennedy says. If we don’t stay engaged, cognitive processes slow down and depression often sets in, he says.
Q. You would like to remain employed at your company but want to make some changes, like cutting back on hours, working in a different position or both. Is management likely to be receptive?
A. Companies are accustomed to helping older workers plan for retirement but not for transitions, says Marc Freedman, author of “The Big Shift: Navigating the New Stage Beyond Midlife” and chief executive of Civic Ventures, a group that focuses on life beyond age 50.
Yet your company may be receptive to changing your role while you’re still employed, as many businesses worry about losing experienced employees and their accumulated knowledge.
As you discuss new roles with management, keep in mind that you are a resource to the company, not a drain, Mr. Kennedy says, and that you “still have valuable contributions to make.”
Q. Say you decide to leave your current employer, but want to keep using your skills in some way. Where and how can you do that?
A. Conduct a self-assessment. Look at your career, what you’ve accomplished and what you feel is left to be done. “The older our clients get, the further back in their history they look for clues as to what they will do later in life,” says Mr. Corbett, author of “Portfolio Life: The New Path to Work, Purpose and Passion After 50.”
“Write a résumé that ends the day you got your first job,” he says. “Look at the courses you took that you liked but couldn’t pursue professionally, outside activities and hobbies.”
Ask family and friends to suggest ways to reach beyond your career and reconnect with the things you enjoy. “Assemble a personal board of peer advisers, where each of you gives advice to the others about moving forward,” Mr. Corbett says. “Share with them what you would love to do and ask for feedback about how to do it. You will get some great ideas this way.”
You should also note your transferrable skills and where or how you could use them, says Stephen Moore, manager of human resource services at Insperity, a business performance solutions provider in Kingwood, Tex.
“I recently worked with a senior-level individual who was successful in his career, comfortable financially and could have stopped working,” Mr. Moore says. “He loved woodworking, so he took a job at Home Depot. He stayed employed and connected to a community, and was able to talk about and do something he really loved.”
Mr. Freedman recommends that you prepare for this later-life transition by saving money while in your 50s for things like additional education or unpaid apprenticeships and internships. “Reinvention sounds very romantic, but it’s also hard,” he says. “So it helps to prepare as much as you can.”
SHOCK: U.S.A. Not Even in Top 10 of Easiest Places to Start a Business
Airports Capitalize on Delays with High-End Eateries on the Ground
It’s true that airline travel isn’t what it used to be. Gone are the days of white-gloved stewardesses and donning your nicest hat before heading to the airport. Now fliers are lucky to get a bag of peanuts during their time in the sky. However, the scene on the ground tells a different story.
Walk through many major airports in the U.S. and travelers will find a few unexpected surprises, from celebrity-chef endorsed eateries, to full-service restaurants where travelers are encouraged to relax for a four-course meal before boarding their flight.
“We are seeing an overall mindset change about travel in the U.S.,” says Rick Blatstein, CEO of OTG Management, an airport restaurateur that recruits big names in fine dining to airports nationwide. “Previously airports treated customers as a captured audience, but they have found out that poor selection and high prices do not equal high sales.”
Blatstein, whose company is behind the April 2011 renovation of New York’s LaGuardia Airport’s terminal D, says that sales at the terminal’s two table-service restaurants and bar area are now 27% higher than traditional terminals at the top 50 airports around the country. The terminal’s restaurants include Bisoux, a partnership with the owners of iconic New York French bistros Pastis and Balthazar, and Crust, a Neapolitan-style pizzeria developed by New York baker Jim Lahey, owner of New York’s Sullivan St. Bakery.
OTG has similar fine dining establishments at New York’s John F. Kennedy International Airport, including steakhouse 5ive Steak, Italian restaurant AeroNuova and Jet Rock Bar & Grill at Ronald Reagan National Washington Airport. But East Coast travelers aren’t the only ones in for a treat.
At San Francisco International Airport, Director of Community Affairs Michael McCarron says that in the last five or six years, the airport has recruited higher-end eateries and bars that reflect San Francisco’s eclectic local cuisine.
“We want people to know they are in the San Francisco Bay area as soon as they get off the plane,” says McCarron.
The airport’s most popular table-service restaurants include local San Francisco names like Perry’s and Lark Creek Grill, both offering American fare of steaks and fish, at around $15-$20 per entrée. Although Lark Creek Grill just opened in April, McCarron says the idea of making the airport a destination for food and drink is nothing new. San Francisco airport first began its transition to fine dining 10 years ago when it opened a new terminal, and in a post- Sept. 11 world, it found that passengers were more eager to get through security, find their gate, and then relax over a nice meal.
“The whole dynamic has changed. Pre-security food stands weren’t doing well because security was the hassle people wanted to move through as quickly as possible. Combine that with the fact that most airlines don’t serve food anymore, and now every full-service restaurant we have is beating our projections.”
But not just any restaurant can succeed in an airport, McCarron warns. Each full-service eatery at the San Francisco airport went through a tough selection process: Up to 10 restaurants bid for one spot, and a “blue ribbon panel” of experts in the restaurant and travel industries make the final decisions on which eateries offer the best experience to travelers.
The only doubt left as to the success of the new restaurants was the economy, McCarron says. Although San Francisco’s airport saw traffic increase by 3% and 4% over the last two years, concerns over whether people would want to spend another $100 on dinner and drinks after having just paid $1,000 for their tickets remained.
“We wondered, ‘is the economy strong enough that people will want to spend money in these places?’ But give them a comfortable place where they can eat and do work and they will. It’s all about having the right options.”
According to a study of more than 1,000 U.S. travelers conducted earlier this year by airport technology company NCR Corporation, 57% of people would patronize a sit-down restaurant or bar after clearing security. And 38% of respondents report time is not an issue, saying they clear security with more than an hour to spare before their flight.
However, the study also reflected that 23% of travelers would be reluctant to partake in dining and entertainment options for fear of getting lost or missing their flight. But OTG’s Blatstein says his company even has an answer for that: At JFK and LaGuardia airports, travelers can now order food at their gate via iPads installed at every seat and have it delivered to their gate.
But the flight is, of course, the main reason people are at an airport. At a certain point, does it matter how nice the restaurant is, or how fancy the technology? Frequent flyer Patrick Gray, president of consulting firm Prevoyance Group, flies as much as 150 days out of each year, and is pleased with recent improvements.
“I wish the situation were different, but realistically, I have no idea if the security line is going to take five minutes or an hour,” says Gray. “I leave myself two hours to make it through security and get to my gate, but when you breeze through, you’re left with an hour and a half to kill. I am certainly going to choose a nice full-service restaurant over a Styrofoam box that’s been sitting under a heat lamp for two days.”
Gray does a mix of international and domestic travel, and says in the past, international terminals offered a much better selection for food, drink and shopping. However, he says that in in the last three years, domestic terminals have now matched—if not surpassed—quality found in international terminals.
“This makes perfect sense,” says San Francisco’s McCarron. “Seventy-five percent of our traffic is domestic, and that’s the case for a lot of airports. You have to cater to your biggest audience, and I think a lot of airports realized they were missing the boat by leaving their nicest restaurants in the international terminals.”
Hospitality company Delaware North, which operates in 18 domestic airports nationwide, runs hundreds of full-service restaurants in airports’ domestic terminals. Vice President of Business Development Bob Stanton says one reason for the improved food selection in airports is the increased competition for spots. In the 1980s, airports contracted with one food vendor to bring them everything they needed: coffee, donuts, sandwiches, etc. But since the late 1990s, airports have been fragmenting their real estate and leasing to different companies, thus heating up the competition for diner’s dollars.
“Twenty years ago, concession was 20% of an airport’s revenue, and today it’s closer to 50%. If you have one master concession that runs the whole airport, you’re not going to be able to charge as much rent if you had multiple companies competing for the same space,” says Stanton.
Stanton, whose company recently opened the Wolfgang Puck bistro and the Morimoto Skewers at the Los Angeles International Airport, says that companies competing for space at airports have to be savvy about the traveler they’re trying to reach. As baby boomers begin retiring from the work force, restaurants looking to catch the attention of a businesstraveler need to appeal to a younger generation.
“There is an evolution of who the passenger is,” says Stanton.
But not only is the passenger evolving, the idea of what airports offer is evolving with them, says Paul McGinn, president of MarketPlace Development, the company that rents space to vendors at LaGuardia.
“When is the last time you got on a plane and were served something substantial to eat? Just as people have learned not to count on dinner being served on their flight, eventually they will learn to expect a quality dining experience at the airport,” says McGinn. “For companies like us, it’s terrific. As more airports improve their quality, the attitude is going to shift—‘Hey, wanna get to the airport? There should be something good we can eat.’”
Read more: http://www.foxbusiness.com/personal-finance/2011/10/21/first-class-foodpre-flight/#ixzz1bTUzU4g8
Comments »Greece to receive next round of loans from EU
Comments »BRUSSELS (AP) – Finance ministers from the 17 countries that use the euro approved the payment of Greece’s next batch of bailout loans Friday, avoiding a potentially disastrous default, but acknowledged the country’s debt remained too high.
Greece’s debts are only one piece of Europe’s economic puzzle, and the finance ministers were meeting in Brussels on Friday to address two more complicated — and arguably more important — issues: boosting the financial firepower of the eurozone’s €440 billion ($607 billion) bailout fund in order to prevent the larger economies of Italy and Spain from spinning out of control and forcing weak banks to boost their capital buffers to shore up their defenses against market turmoil.
Greek Finance Minister Evangelos Venizelos welcomed the news that Athens would get the next €8 billion ($11 billion) installment, calling it a “positive step.” A day earlier, Greek lawmakers approved new, deeply contentious austerity measures.
The new measures will ensure next year’s fiscal targets are met and “sets the basis for the necessary structural reforms,” he said.
Existing Home Sales Falls 3% in September
FLASH:October Philadelphia Fed 8.7 vs -8.8 Briefing.com consensus; September -17.5
This is the first positive number since July. The market reversed and is now +35 on this good news.
Comments »FED Beige Book Out: U.S. Economic Activity Is Expanding, But The Outlook is WEAK
Don’t Worry About Inflation Ever Again
What To Do About Free Trade
Survey Says Consumers Will Switch Banks Over Excessive Fees
BoE Vote Unanimously To Extend QE
“MostAccurate” China Forecaster Sees No Soft Landing
The analyst expects no cut in interest rates and with Europe’s debt woes a problem for China’s exports…
Comments »FLASH: Spanish 10 Yr Yields Climb, as Europe Plans
Spanish 10 yr yields at recent highs of 5.35%
Comments »FLASH: Portuguese 10 Yr Yields Climb, as Europe Plans
Portuguese 10 yr yields at recent highs of 11.89%.
Comments »
