The power of III

Summum ius summa iniuria--More law, less justice

12 January 2011

Sovereign world debt crisis: China to the rescue again--of Portugal!

Another country is bailed out by the Chinese taxpayers and Chinese productivity:

Text in full from

China Confirmed As Buyer Of Directly Placed Portuguese Debt

Tyler Durden's picture

A few days ago, when it was first announced that Portugal is contemplating a direct placement of bonds (with amount and buyer undisclosed), we speculated: "Reuters reports that Portugal is in the process of making a private placement of bonds, without announcing details on size or the buyer. Our guess: buyer is China, and size is about €1 billion." We were off. By €100 million. The WSJ has just confirmed that China was indeed the buyer, and the amount purchased was €1.1 billion. It is unclear if, as we suspect, Goldman Sachs was the underwriter on the transaction.

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