NORTH AMERICAN & INTERNATIONAL ECONOMIC HIGHLIGHTS
The Politics of Austerity
By Avery Shenfeld
For most of our clients, the latest developments in Portugal wouldn?t seem to be of much consequence to their
portfolios. But the Lisbon parliament?s rejection of Prime Minister Socrates? austerity philosophy does say
something about the political travails of deficit reduction that have implications for bond markets closer to
home.
