Our Portuguese correspondent

Prize-winning PJM writer Sarah Hoyt sends this from the European press (bracketed comments hers.)

From http://publico.pt/ Interest on Portuguese debt hits new highs. Moody’s cut on Portuguese debt rating has dragged the Euro’s peripheral (costs?) to new highs in secondary markets. Interest on Portuguese three-year bonds surpasses 19% Also,New IMF chief praises Portugal’s brave decisions [are those like gutsy calls? ed. note] In her first press conference as director general of the IMF Christine Lagarde stated Greece must be follow the example of “the brave decisions made by Portuguese political parties.” And Meanwhile: According to studies by the Catholic University of Portugal, Portuguese economy will shrink 1.7 percent this year and 1.5 percent in 2012 [#gutsycall]

Switzerland seen from Portugal sounds a lot like Obama’s mind: http://publico.pt/Tecnologia/partido-suico-quer-banir-powerpoint-para-melhorar-a-produtividade_1501739 new Swiss party [non-cryptically named the Anti Power Point Party] wants to eliminate power point to increase productivity. [next up, ATMs.]