Nuclear Showdown with Iran

ISIS Beheads Ttar Iraqi General

CAUTION VERY GRAPHIC VIDEO

You need to understand that the leader of the ISIS was released from U.S. custody in Iraq by President Barack Obama during his Iraqi troop draw down last year and he is sending a message to the west. 

Then Obama releases the GITMO 5 to join their Islamic brothers and bring Jihad to America. 

Then they open America’s southern boarders for man power, weapons and supplies can be moved into America with no resistence. 

BRICS to Create New Development Bank in Brazil

Farewell to the Petrodollar.....

MOSCOW, July 9 (RIA Novosti) - The leaders of the BRICS countries – Brazil, Russia, India, China and South Africa – plan to sign an agreement to create the New Development Bank, with $100 billion in capital, during a summit in Brazil on July 14-16, Russia's Finance Minister Anton Siluanov told journalists.

"There are no questions on the capital, three positions have been agreed upon: authorized stock of $100 billion, dedicated capital [from member-states] of $50 billion, and paid-up capital [which the countries are obliged to deposit within seven years] of $10 billion," Siluanov said, adding that the paid-up capital may be increased to $40 billion upon request.

The proposal for the creation of the bank was first voiced at the BRICS summit it South Africa two years ago, but the participants failed to agree on the capital distribution. The capital is now planned to be equally distributed between member-states.

"The bank is open to taking in new participants among United Nations members, but the agreement is that the BRICS share will not fall below 55 percent," Siluanov said.

All major decisions at the bank are to be made through either a majority or two-thirds vote. The bank is expected to start operations next year and is to finance infrastructure projects in member-states.

The bank's headquarters is to be decided upon at the summit in Brazil, where the leaders are to choose between Shanghai and New Delhi. The BRICS also plan to appoint the bank's chairman, who is to serve for the next five years. Russia has not submitted a candidate, Siluanov said, adding that the position requires a well-known person on the international market.

Credit to RIANovosti

Hamas’s Nazi-Style Rocket Blitz

The Palestinian unity government, via its co-equal partner Hamas, is committing war crimes and crimes against humanity against Israeli civilians. Hamas has launched scores of rockets from Gaza aimed at major Israeli cities covering more than half of Israel, including Tel Aviv, Jerusalem, Haifa and Caesarea. The attacks have escalated from 6 on June 27th to more than 160 on July 8th. This is Hamas’s version of the Nazi-style air blitz, meant to terrorize the Israeli population into submission. Imitating Nazi tactics is a logical extension of the great esteem which Hamas leaders and their Palestinian forebears have held for Adolf Hitler.

“For the first time, the (Ezzedine al-) Qassam Brigades strike Haifa with an R160 rocket, and strike occupied Jerusalem with four M75 rockets and Tel Aviv with four M75 rockets,” a Hamas statement boasted.

Hamas also attempted to invade Israel with a naval commando landing on Ashkelon’s Zikkim beach, which the IDF repelled.

In response to these acts of clear Palestinian aggression, Israel to date has carefully controlled the extent of its reprisals. Israel waited several weeks and issued a series of warnings before finally launching its military operation against Hamas on July 7th.

Israeli air strikes have been limited so far to targeting Hamas operatives and facilities used to launch or support their rocket assaults. Although there have been some unintended Palestinian casualties, they have been kept to a minimum, despite the fact that Hamas insists on hiding its weapons and operatives amongst the civilian population and using Palestinian civilians as human shields. Israel has never declared all Palestinian children to be legitimate targets as Hamas has done with respect to Israeli children. Israel condemned the recent killing of the Palestinian youth Muhammad Abu Khdeir and promptly arrested the alleged right-wing Jewish extremist perpetrators with a vow to prosecute them to the fullest extent of the law. Prime Minister Benjamin Netanyahu sent his condolences to the Abu Khdeir family, saying “We do not differentiate between terrorists, and we will respond to all of them.” In contrast, Hamas’s leaders praised the kidnapping of the three Israeli teenagers whom were murdered. The Palestinian government has yet to show any urgency in finding the perpetrators of the abduction and murder of the three Israeli teenagers.

Despite the unrelenting rocket attacks, Israel has held back so far on any large scale ground operation in Gaza, which, however, may become necessary if Hamas refuses to stop its escalating violence. 40,000 additional reservists have been called up for duty in case it is determined that a ground operation will be needed. Israeli military tanks have reportedly been assembling near the Israeli-Gaza border town Sderot.

As DEBKAFile reported on July 8th:

“The government and the IDF have billed the operation as a long-term, staged offensive to destroy Hamas’ logistical and strategic infrastructure, to be escalated stage by stage as needed, up to a limited ground incursion, which would require additional reserve call-ups, as well targeted assassinations. This progression will be adjusted to the enemy’s response and how quickly ‘quiet is restored to the South.’

United Nations Secretary General Ban Ki-moon called on both sides to exercise “maximum restraint” and avoid further civilian casualties. The rocket attacks should cease, Mr. Ban said, but he spent more space in his statement lamenting the plight of the Palestinians. He said he was “extremely concerned at the dangerous escalation of violence, which has already resulted in multiple Palestinian deaths and injuries as a result of Israeli operations against Gaza.”

UN Commissioner for Human Rights Navi Pillay has sunk even lower than this in the swamp of moral equivalency. “From a human rights point of view, I utterly condemn these rocket attacks,” she said, “and more especially I condemn Israel’s excessive acts of retaliation.” (Emphasis added)

This moral equivalency position is getting very old. Hamas and its fellow jihadists remain primarily responsible for the escalation by continuing their full-scale deliberate rocket assaults against Israeli civilians despite repeated warnings to stop. Palestinian Authority President Abbas’s decision to include Hamas in the Palestine unity government makes him responsible as well for his government partner’s rocket assaults, since he claims to be the president of the entire putative unified state of Palestine that includes Hamas-governed Gaza.

As if Hamas were not bad enough, ISIS (more recently calling itself the Islamic State), which is presently ravaging parts of Syria and Iraq, is reportedly infiltrating Gaza. ISIS shares Hamas’s goal of creating an Islamic caliphate but believes that Hamas is “too moderate” in its approach. As described by the Jerusalem Post last month, unlike Hamas, which is presently focused on ousting the Jewish state from what it claims to be the land belonging to the Palestinian people, “ISIS is a globalized movement that lacks deep roots in any particular society and has no nationalist project.”

However, ISIS and Hamas do share the supremacist ideology of Islam and the jihadist fervor to spread Islam and sharia law by force. In the short run, at least, they will use each other, but in the long run ISIS is even more dangerous than Hamas as it looks to expand its reach from its bases in neighboring Syria and Iraq into Jordan and Egypt, encircling Israel, and beyond.

While Israel must do whatever is necessary to keep Hamas under control, it must be careful not to fool itself into thinking that eliminating Hamas alone will mean eliminating an even more dangerous and ruthless jihadist threat that is growing like a cancer on its doorstep.


Credit to Canadafreepress.com

The Gates of Hell Have Opened and the US Is Being Attacked and Occupied

They are here and awaiting orders.

Events are coming to light faster than most can report them. To many, the events discussed in this column over the last two to three weeks appear to be a series of unrelated events. To others, we recognize these events for what  they are: The gates of hell are open and there will soon be hell on earth.

The next two articles in this series represents both a qualitative and quantitative meta analysis of several events which demonstrates a distinct, unmistakable and disturbing pattern which will culminate in a health crisis of an unparalleled magnitude and the loss of civil liberties as well as national sovereignty. Many people will lose their lives in the upcoming events.

In the last two parts of parts of this series, I will connect the dots from previous reports, as well as introduce new evidence which serves to support previous documented evidence as well as new evidence of the following:

1. The United States is being overrun by illegal immigrants from Central and South America as well as West Africa and the Caribbean.

2. These immigrants are not being health screened for Ebola, Dengue Fever, drug resistant TB et al.

3. These immigrants are being transported, at taxpayers’ expense to nearly every metropolitan and mid-sized community in the United States. This constitutes an invasion with a lot of risk factors and unknown variables.

4. The Border Patrol and detention facility medical personnel are being threatened with prison if they reveal just how bad the unfolding crisis is.

5. The United Nations is in the process of prepositioning military assets on American soil and there is no hiding the evidence.

6. An inevitable health crisis will ensue and the UN “Peacekeepers” will be rolled out to “save the day.”  In actuality, they will become an occupation force as has been the case in the past crises.

I would have preferred to write the summation in one part, but the material is too voluminous. In tomorrow’s report, the following shocking events and evidence will be revealed:

1. The US military and many of its disaffected senior leadership have actively and passively resisted Obama’s handing off of the country to UN interests. In tomorrow’s article, for the first time, a link between the events in Ukraine, Syria, Iraq and Benghazi will be established between these crises and what is happening on the domestic front in America.

2. Through the newest contributor to The Common Sense Show, Alana Cook, a former World Net Daily writer and high level defense contractor, has discovered a memo which clearly speaks to the fact that the government knows a pandemic is coming and they have already prepared and budgeted for their reaction. Please note the word “reaction” and not “prevention”.

3. I have come across an 1100 page Senate Subcommittee report, never reported on in the mainstream media, which connects most of the dots listed in this chain.

4  Annie DeRiso, the News Director of The Common Sense Show, previously uncovered evidence which demonstrated that the federal government’s planning for mass casualties has been in the works for at least 5 years.

5. The link between FEMA camps and related personnel will also be exposed.

In this article, and listed below, are a series of previously reported dots, along side of new information, when connected, form an unmistakable pattern which spells an attack and subsequent subjugation of this country.

The Presence of UN Vehicles On American Soil

Since late May, the country has been besieged with reports, pictures and videos of UN vehicles in our country.  FOX 5, San Diego, ran a report on Sunday morning, July 6th, in the early morning hours, which detailed sightings of UN vehicles being transported north of San Diego on Interstate 15 headed towards Riverside. The story said that the vehicles were manufactured in the United States and were being transported for shipment overseas. Really? Does this explain why these vehicles are being transported in SEVERAL southern states? Does the manufacturer have a automotive plant in Georgia, California, Texas, etc? Why don’t we see these reports in Detroit?

The FOX 5 website contains neither a video or a written report of the story. I suspect the story was a trial balloon used to gauge the believability and response to the story without leaving behind much in the way of evidence.

In every case, the vehicles are being transported and not being individually driven. This clearly suggests the prepositioning of military assets for future use.

The references for this first part of this invasion can be found here and here.

The Exponentially Increased Risk of a Pandemic Let Loose On America

Another San Diego Fox 5 story which ran on July 7th, did leave a traceable trail and clearly showed a steady stream of immigrants being landed at Lindbergh Field. The video can be seenhere. In the interview, the local head of the San Diego Area Border Patrol, Gabe Pacheco, is interviewed and he stated that his group is highly concerned that immigrants are not being properly processed, exposing the Border Patrol to health risks such as scabies. Pacheco clearly stated that “many of these people are sick”. Please note in the report how the reporters are kept far away from the scene.

In an earlier report, it has also been determined that there has been a case of a Border Patrol Agent contracting drug resistant TB. Other diseases are entering the country as well and transmission can be accelerated through the spread of scabies and horizontal transfer through mosquitoes. Prominent Arizona physician, Dr. Jane Orient, has officially warned the Arizona Department of Health that West Africans, from the seven country region where an Ebola outbreak is taking place, are entering through our southern border. It was also reported that these West African illegal immigrants have been taught to speak Spanish so they can blend in with other immigrants. Could this possibly speak to a CIA operation and a deliberate attempt to spread the deadly Ebola virus?

This administration has been planning for this for a long time.

Click here to see the evidence that this administration is complicit in the planning of this invasion. Immigration and Customs Enforcement (ICE) is greatly exacerbating the risk to the immigrants themselves. Nobody on either side of the border is safe. There is only one objective, flood the United States, in as many communities as possible, with as many immigrants as possible. When the health crisis has been fermented, the UN, under the leadership of Peter Sutherland, will assume control of health and policing activities in this country, as he has been the past practice in so many other countries.

Meanwhile, back to the FOX 5 report, it was reported that the average illegal alien is questioned and processed and that this is completed within two to three hours. No blood is analyzed and this is the only reliable manner in which to diagnose TB, Ebola and Dengue Fever et al. All hell is about ready to break loose in America. Remember, when it comes to the more virulent of these diseases and viruses, it only takes one carrier.

FEMA Camp Question

During the Jessie Ventura Conspiracy Theory series, Jesse covered the FEMA camp issue ,which was later banned. In the episode, Jesse and Alex Jones visited a FEMA camp in Texas and videotaped CHILDREN playing behind restraining fences. Why?  This unanswered question never settled properly with me.

Yesterday, while walking on the beach, it occurred to me that this nagging question may have been answered 5 years ago during the H1N1 scare by former Kansas State Patrol officer, the highly decorated Greg Evensen.

While appearing on The Common Sense Show, Greg stated that mandatory H1N1 vaccinations were coming and various law enforcement agencies had already practiced for the roadblocks with FEMA busses for the unwilling and waiting injections for those that could be intimidated. I confirmed this fact with two high ranking Colorado State Patrol officials that I know personally. However, the public backlash against the planned mandatory vaccinations was so heavily resisted the federal government backed off. Yet, there was something that Greg revealed that may come into play in the near future. Greg said that key enforcement personnel would be told that their families were being taken for safekeeping against any possible backlash and civil unrest and they would be housed together. In actuality, Greg stated that the family members of these key people would be held hostage in order to force compliance. Is this what we saw on Jesse Ventura’s show with the children playing inside of a prison complex?  Did you just get chills up and down your spine? I did!

The next part in this series will put an exclamation point on this entire series in a way not being reported in either the MSM or the alternative media.

Credit to Common Sense

Bubbles, Bubbles Everywhere

Is there any doubt that we are living in a bubble economy?  At this moment in the United States we are simultaneously experiencing a stock market bubble, a government debt bubble, a corporate bond bubble, a bubble in San Francisco real estate, a farmland bubble, a derivatives bubble and a student loan debt bubble.  And of course similar things could be said about most of the rest of the planet as well.  In fact, the total amount of government debt around the world has risen by about 40 percent just since the last recession.  But it is never sustainable when asset prices and debt levels increase much faster than the overall level of economic growth.  History has shown us that all financial bubbles eventually burst.  And when these current financial bubbles in America burst, the pain is going to be absolutely enormous.

You know that things are getting perilous when even the New York Times starts pointing out financial bubbles everywhere.  The following is a short excerpt from a recent NotQuant article...

The New York Times points out that just about everything on Earth is expensive by historical standards.   And then asks the seemingly obvious question:  Does that make it a bubble?

Welcome to the Everything Boom — and, quite possibly, the Everything Bubble. Around the world, nearly every asset class is expensive by historical standards. Stocks and bonds; emerging markets and advanced economies; urban office towers and Iowa farmland; you name it, and it is trading at prices that are high by historical standards relative to fundamentals. The inverse of that is relatively low returns for investors.

“Quite possibly?”  We’re not sure what definition of the word “bubble” they’re using.   But in our book when the price of literally everything blasts upwards, obliterating the previous ceilings of historical benchmarks, it’s a pretty good indication that you’re in a bubble.

Of course when most people think of financial bubbles the very first thing they think of is the stock market.  And without a doubt we are in a stock market bubble right now.  The Dow has risen more than 10,000 points since the depths of the last recession.  And it is nearly 3,000 points higher than it was at the peak of the last stock market bubble in 2007 when our economy was far stronger than it is now...

But of course these stock prices do not reflect economic reality in any way whatsoever.  Our economy has not even come close to recovering to the level it was at prior to the last financial crisis, and yet thanks to massive Federal Reserve money printing stock prices have soared to unprecedented heights.

At some point a massive correction is coming.  No stock market bubble lasts forever.  For a whole bunch of technical reasons why serious market turmoil is on the horizon, please see a recent Forbes article entitled "These 23 Charts Prove That Stocks Are Heading For A Devastating Crash".

The bubbles in the financial markets have become so glaring that even the central bankers are starting to warn us about them.  For example, just consider what the Bank for International Settlements is saying...

The Bank for International Settlements has warnedthat “euphoric” financial markets have become detached from the reality of a lingering post-crisis malaise, as it called for governments to ditch policies that risk stoking unsustainable asset booms.

While the global economy is struggling to escape the shadow of the crisis of 2007-09, capital markets are “extraordinarily buoyant”, the Basel-based bank said, in part because of the ultra-low monetary policy being pursued around the world. Leading central banks should not fall into the trap of raising rates “too slowly and too late”, the BIS said, calling for policy makers to halt the steady rise in debt burdens around the world and embark on reforms to boost productivity.

In its annual report, the BIS also warned of the risks brewing in emerging markets, setting out early warning indicators of possible banking crises in a number of jurisdictions, including most notably China.

“Particularly for countries in the late stages of financial booms, the trade-off is now between the risk of bringing forward the downward leg of the cycle and that of suffering a bigger bust later on,” it said.

Sadly, just like in 2007, most people are choosing not to listen to these warnings.

Another very troubling bubble that is brewing is the massive bubble of consumer credit in the United States.  According to the Wall Street Journal, consumer credit in the United States increased at a 7.4 percent annual rate in May...

The Federal Reserve reported Tuesday that consumer credit—consumer loans excluding real estate debt—in May increased at an annual rate of 7.4% to a record $3.195 trillion. Most of that gain came from a 9.3% increase in nonrevolving credit, the bulk of which is accounted for by auto and student loans. Revolving credit, which is primarily credit-card debt, expanded at a more muted 2.5% rate after jumping 12.3% in May.

That might be okay if our paychecks were increasing at a 7.4% annual rate, but that is not the case at all.  In fact, median household income in America has gone down for five years in a row.  As the quality of our jobs goes down the drain, our paychecks are shrinking even as our bills go up.  This is putting an incredible amount of stress on tens of millions of American families.

And when you look at the overall debt bubble in this country, things become even more frightening.

In a previous article, I shared a chart which shows the incredible growth of total debt in the United States.  Over the past 40 years, it has gone from about 2.2 trillion dollars to nearly 60 trillion dollars...

Is this sustainable?

Of course not.

None of these financial bubbles are.

It is not a question of "if" they will burst.  It is only a question of "when".

And some believe that we are rapidly approaching that point.  In fact, Marc Faber believes that we are seeing signs that it may be starting to happen already...

It’s the question investors everywhere are wrestling with: Are asset prices in a bubble, or do they simply reflect the fact that the global economy is growing once again?

For Marc Faber, editor of the Gloom, Boom & Doom Report, the answer is clear. In fact, he says the bubble may already be bursting.

“I think it’s a colossal bubble in all asset prices, and eventually it will burst, and maybe it has begun to burst already,” Faber said Tuesday on CNBC’s ‘Futures Now‘ as the S&P 500 lost ground for the second-straight session.

So what do you think?

How much time do you believe that we have before these bubbles start to burst?

Please feel free to share your thoughts by posting a comment below...

Credit to Economic Collapse

How the Carlyle Group is rewriting history

N. Korea launches 2 missiles

SEOUL (Jiji Press)—North Korea fired two projectiles believed to be Scud short-range ballistic missiles into the Sea of Japan from an inland area in its Hwanghae southwestern region on early Wednesday morning, the South Korean military said.

In Tokyo, the Japanese government separately said that ballistic missiles are believed to have been launched from a southwestern region of North Korea toward the Sea of Japan.

According to the South Korean military, the missiles flew about 500 kilometers toward northeast and fell into high seas. The first of the two missiles was launched around 4 a.m. and the second around 4:20 a.m.

North Korea did not set a no-entry zone for aircraft or ships prior to the launch.

It is the first time in or after 2000 that North Korea has launched a missile from the Hwanghae region into the Sea of Japan, according to the military.


Credit to Japan News

Is The Fed Going To Attempt A Controlled Collapse?

As most Fed watchers know, last week was interesting because Janet Yellen, speaking at IMF came out and said something quite surprising.  In a nutshell, she said “It’s not the Fed’s job to pop bubbles”.   While many market participants immediately took this to mean, “To the moon, Alice!” and started buying equities hand over fist, there’s another possible explanation for Mrs. Yellen’s proclamation of unwillingness:  The Fed could be preparing to do exactly what it said it wouldn’t.

Here’s a quick re-cap of events:  In the recently released Annual Report of the BIS: Bank for International Settlements  (commonly thought of as the “central bank’s central bank”) the BIS made a rather ominous recommendation to it’s member banks: Pop this bubble now.   Their specific language wasn’t quite so direct, but the message was just as clear.

The risk of normalising too late and too gradually should not be underestimated… The trade-off is now between the risk of bringing forward the downward leg of the cycle and that of suffering a bigger bust later on .

Few are ready to curb financial booms that make everyone feel illusively richer. Or to hold back on quick fixes for output slowdowns, even if such measures threaten to add fuel to unsustainable financial booms,” …

“The road ahead may be a long one. All the more reason, then, to start the journey sooner rather than later.”

As we noted last week, there are a couple of fascinating things to note about this recommendation.   First, for anyone who thinks that the concept of intentionally crashing the stock market is the stuff of conspiracy theorists, that notion is now dead and buried. It’s extremely clear from the BIS’ language, that the concept of initiating a collapse is openly discussed as a policy measure.   This was a direct recommendation to bring on the crash – or as they say so colorfully, to “bring forward the downward leg of the cycle”.

More kabuki?

But what else is fascinating is that just days after the BIS report was released, Janet Yellen seemed to counter the BIS in her presentation to the IMF:

“At this point, it should be clear that I think efforts to build resilience in the financial system are critical to minimizing the chance of financial instability and the potential damage from it. This focus on resilience differs from much of the public discussion, which often concerns whether some particular asset class is experiencing a ‘bubble’ and whether policymakers should attempt to pop the bubble. Because a resilient financial system can withstand unexpected developments, identification of bubbles is less critical.”

What Yellen seemed to be saying — quite possibly in direct response to the BIS’s recommendations —  is that the Fed isn’t in the business of popping bubbles, nor does it see a reason to intervene in their development.

So to summarize:  The BIS publicly recommended popping the bubble now… and Yellen said no.

So what’s going on?

We could take all of this at face value if we chose:  The BIS playing hawk, and the Fed playing dove.  And that might well be the case — as to some extent Yellen is still something of an unknown entity.

But there is one more twist to the puzzle:  Yellen has openly stated that she would not be offering clear guidance to the market as her predecessor had advocated.  The age of Fed-glastnost is apparently coming to an end.

So indulge us for a moment as we present another possibility:

Yellen is going to orchestrate a controlled collapse.  Or, at least one which we hope is controlled.

There are political considerations to be made, however:  The Fed, which has not only come under intense fire for overt market manipulation, but which is also deeply concerned with market perception, simply cannot afford to be perceived as an instrument of the market’s collapse.   To be seen as the instigator of a crash could do irreparable harm to the institution.

Pop bubbles? Who us?

So just maybe the Fed fully intends on heeding the advice of the BIS, and is strategically positioning itself as a stalwart dove to shield itself from the public fallout of it’s orchestrated financial calamity.   A particularly sound play from a political perspective in the event that things don’t go as smoothly as planned.

One thing is certain at this point:  An intentionally orchestrated crash is the direct recommendation of the BIS, per it’s annual report.   That this action exists as a potential policy measure is now confirmed.

The remaining question is: Would the Federal Reserve pursue such a policy measure openly, or behind the same curtains from which most of their historic policies were enacted.

As we re-think Mrs. Yellen’s speech to the IMF, we are less certain that the Fed is as unwilling to intervene as Mrs Yellen would have us believe.   Bringing forward the next leg of the cycle, may well be on the Fed’s agenda.

Credit to Zero Hedge

Portugal's Largest Bank Misses Bond Payment; Bonds Collapse

Brussels, we have a problem. As we warned 6 weeks ago, Espirito Santo International SA - is in a "serious financial condition"according to a central bank driven external audit by KPMG identified "irregularities in its accounts." Sure enough, the 'ponzi-like' maneuvers have left the bank unable to pay its bonds as Bloomberg reports bonds plunged to record lows after a parent company delayed payments on short-term notes. More importantly, given the divisively dependent nature of the domestic sovereign bond market (and hence the health of the EU) and its banking system, it is noteworthy that Portuguese bond risk has surged to 4 month highs with the biggest 2-day spike in a year. As one analyst noted, “The bigger question is whether the government will have to get involved,” leaving the EU taxpayer on the hook once again (for fear of M.A.D. threats) as most critically, it "will have to step in to prevent systemic repercussions?"






Banco Espirito Santo has been “adequately isolated” by the Bank of Portugal from the financial problems, Parliamentary Affairs Minister Luis Marques Guedes said on July 3. The bank was the only one of the three biggest publicly traded Portuguese lenders that didn’t request state aid after the country received a European Union-led bailout in May 2011.

Banque Privee Espirito Santo SA said yesterday the delay in payments of some debt securities issued by parent company Espirito Santo International affects “only a few clients.” Some investors have been asked to swap the commercial paper for stock and new long-term securities, according to Portuguese newspaper Expresso.

“The news flow in the last few days is confirming investors’ suspicions over how extensive problems are at the top of the group,” said Roger Francis, an analyst at Mizuho International Plc in London. “The market has huge uncertainty with reports of payments being missed and debt for equity swaps circulating widely.”

Credit to Zero Hedge