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Canada Goose Outlet LONDON (Reuters) A trillion dollar financial safety net and plans for government spending cuts have dramatically reduced the risk that Greece, Portugal and Spain will run into funding problems over the next 18 months. Canada Goose Outlet

cheap Canada Goose A protester marches to parliament during a rally to protest the government’s austerity measures in Athens May 12, 2010. REUTERS/Yiorgos karahalis cheap Canada Goose

But during that period, they will have to meet or at least come close to meeting targets canada goose outlet washington dc they canada goose outlet toronto have announced for cutting their budget deficits. If canada goose kensington parka uk economic or political obstacles prevent them from doing so, debt crises could flare up again.

buy canada goose jacket cheap wouldn surprise me if governments didn meet canada goose outlet toronto address the targets that they laid out, either because the economy disappointed canada goose outlet shop and revenues undershot or the expenditure objectives just proved to be too difficult, said Ken Wattret, analyst at BNP Paribas. buy canada goose jacket cheap

canadian goose jacket they canada goose outlet 80 off achieve their targets? Well, time will tell. It going to be very difficult, he said, adding that he thought the three countries best chance would be to earn market goodwill by cutting deficits as much as possible over the next two years. canadian goose jacket

canada goose black friday sale Wattret said the safety net canada goose outlet winnipeg address and the countries austerity packages had bought perhaps 18 months canada goose outlet online reviews to two years of reassurance that they would have access to finance. canada goose black friday sale

canada goose clearance sale FUNDING Until this week, markets worried that Greece, Portugal and Spain might not be able to get over a canada goose outlet michigan string of humps periods of canada goose outlet hong kong heavy debt redemptions in the next few months. canada goose clearance sale

The humps include an 8.5 billion euro ($10.6 billion) bond redemption by Greece on May 19, a 4.6 billion euro redemption by Portugal on May 20, and 16.2 billion euros of canada goose outlet in chicago redemptions by Spain in July. [ID:nLDE6440XV]

Canada Goose Jackets Maturities for the sovereign debt of both Portugal and Spain are uncomfortably bunched in the short term, with about 25 percent of Portugal debt and 22 percent of Spain debt due to mature in the next 12 months, though Greece canada goose outlet eu debt is more evenly spread into the future. Canada Goose Jackets

Canada Goose Parka International bailouts seem to have removed the immediate danger. Greece remains effectively shut out of the debt market, but a 110 billion euro bailout it obtained early this month in exchange for austerity measures is expected to cover all its sovereign funding needs for over two years. Canada Goose Parka

canada goose coats Portugal and Spain remain able to borrow from the market and if they lose access, they can draw on a $1 trillion package of emergency loans announced by the European Union on Monday. canada goose coats

This prospect, combined with austerity steps announced by Madrid and Lisbon this week, has pushed canada goose outlet their funding costs far enough back down that they stand a good chance of not having to apply for emergency aid.

Portugal two year government bond yield has plunged from 6.86 percent last Friday to 2.68 percent, a level at which analysts believe Lisbon can canada goose outlet official afford to continue goose outlet canada borrowing over the long term.

canada goose clearance Last week, the two year yield was canada goose outlet in new york above Portugal 10 year yield, a sign that investors worried about a looming liquidity crunch. The two canada goose factory outlet toronto location year yield is now a much more healthy 2 percentage points below the 10 year. canada goose clearance

canada goose store RISKS But the Portuguese two year yield remains well above levels of around canada goose outlet kokemuksia 1.3 percent seen before the debt crisis began building in late 2009. canada goose store

This suggests markets still see a significant level of risk, and that Portugal and Spain may have to continue assigning short term maturities to large portions of canada goose outlet london uk their bond sales, slowing efforts canada goose outlet canada to spread debt farther into the future.

canada goose deals One risk is the limited, conditional nature of the international bailouts. The bulk of the $1 trillion safety net has been committed for only three years. [ID:nLDE64A1BX] canada goose deals

canada goose If the end of that period starts to approach and indebted countries are not succeeding in reforming their finances, markets will start to worry that the countries may become unable to obtain emergency aid when canada goose outlet locations in toronto they need it. canada goose

Canada Goose sale The international bailouts were agreed after difficult talks between EU governments, many of whose taxpayers oppose the idea of taking on the debts of other countries. There is no guarantee that the EU will extend its safety net farther into the canada goose outlet uk future. Canada Goose sale

Politics within the indebted states are another area of risk. Although Portugal main opposition party has said it will support the government austerity plan, there are doubts over Spanish Prime Minister Jose Louis Rodriguez Zapatero ability to face down public sector unions, which have already blocked a move to raise canada goose outlet los angeles the retirement age. [ID:nLDE64B0F9]

In Greece, canada goose victoria parka outlet strikes and violent demonstrations suggest Prime Minister George Papandreou might still decide canada goose outlet buffalo eventually to restructure sovereign debt, in order to spread some of the canada goose outlet 2015 pain beyond the Greek population to foreign creditors.

of such a move has been pushed out to the future, rather than being eradicated, said Nick Stamenkovic, a bond strategist at RIA Capital Markets.

canada goose coats on sale A Reuters poll of economists this week found them estimating a 10 percent chance of a Greek debt restructuring in the next 12 months, down from 20 percent in an April poll. [ID:nLDE64C11K] canada goose coats on sale

Canada Goose online If politicians remain committed to cutting budget deficits, spending cuts could conceivably worsen debt problems by depressing economic growth and canada goose vest outlet hurting tax revenues. Canada Goose online

risk I see is that these austerity measures will weigh on economic activity which was seen as sluggish anyway thus making fiscal consolidation more difficult, said Diego Iscaro, an economist at IHS Global Insight, after Portugal announced austerity measures on canada goose factory outlet vancouver Thursday.

Sluggish economic growth could also worsen debt problems in the canada goose stockists uk private sector, forcing governments to back away from austerity. Analysts point to high debt levels canada goose jacket outlet sale in Portugal private sector and the weakness of Spain regional savings banks, which are under threat from a property market crash.

This week Reuters poll found economists estimating a one in five chance of Portugal needing emergency funds in the next canada goose outlet in usa year and a one in ten chance for Spain.

fiscal consolidation is likely to become necessary in the next few years and we reckon the country risk premium is likely to remain elevated, said Giada Giani at Citi.