4. Ireland may cut minimum wage; they know that AS and AD curves still have their traditional slope.
5. The horse race continues, with news from Portugal: "Pedro Passos Coelho told a meeting of his Social Democratic Party items like state-run companies' debts were not included in the overall public debt, which the government puts at 82 per cent of gross domestic product this year.
He said that the "true" total public debt stood as high as 112 per cent of GDP, while the budget deficit should be at 9.5 per cent of GDP, far above the minority Socialist government's target of 7.3 percent for the end of the year."