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Greece Stays On “Razor’s Edge”–Portugal Next?

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By Douglas A. McIntyre Published
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The financial minister of Greece, Evangelos Venizelos, said his nation is one the “razor’s edge” of a default. He is not exaggerating. Members of political parties other than his own have rejected some of the austerity measures pressed by the EU, ECB, and IMF. Greece’s unions have staged strikes and have said they will not accept pay cuts. Those countries and organizations that might bailout Greece appear to have accepted that they may not be able to do so on reasonable terms

The markets have “priced in” a Greek default. Whether they have fully priced in one of Portugal is another matter. The EU has not finalized a permanent bailout facility–the European Stability Mechanism (ESM)–nor has it set its size. The IMF wants another 500 billion euros to strengthen its bailout facility. As longer as these two are not in place, Portugal and its investors are in trouble

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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