Philippines to sell a half billion dollars in global bonds..

As the Philippine economy slows down tax revenue has been declining so that the deficit will be larger even a record although still not that bad in relationship to GDP. The government may even issue 500 million more bonds later.

This is from Forbes.

-Philippines to sell $500 million global bond soon.
MANILA, July 10 (Reuters) - The Philippines plans to sell $500 million of dollar or euro bonds soon to plug a record budget deficit and to relieve pressure on domestic markets from rising borrowing needs.
The central bank approved on Friday the government's request to issue as much as $1 billion in global bonds, suggesting more issuance could come later this year.
'I think the idea is just come up with $500 million. It is most likely dollars (bonds),' National Treasurer Roberto Tan told Reuters.
The government raised its total borrowing needs by $1 billion this year after it slashed its revenue target by almost the same amount due to a slowing economy.
Manila also has obtained a guarantee from a Japanese state bank for up to $1 billion in Samurai bonds but Finance Secretary Margarito Teves said on Wednesday a global issue could be a cheaper option unless the bank agrees to reduce a guarantee fee on the planned yen bond offer.
Rosalia de Leon, head of the Department of Finance's International Finance Group, said on Friday Manila is still awaiting word from the bank.
Philippine peso bond yields, which were little changed on Friday, may fall next week following the government's announcement it would likely pick underwriters for the global bond sale soon, traders said. The announcement was made a few minutes before the local bond market closed.
Finance Secretary Margarito Teves had previously said the increase in additional borrowings would be shared between local and foreign debt.
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Newt Gingrich urges Iran ''sabotage''

This sort of talk confirms Iran's view of the recent protests and undercuts Obama's attempts to portray the US as neutral. Of course we already know that funds have been allocated to do precisely the sort of things that Newt commends. If any sabotage occurs Iran will know who to blame and Gingrich provides the smoking gun evidence!


This is from aljazeera.


US politician urges Iran 'sabotage'

The former speaker of the US House of Representatives has said that the US should "sabotage" Iran's oil and gas infrastructure as part of its efforts to bring down the government.
In an interview with Al Jazeera's Avi Lewis for the Fault Lines programme, Republican Newt Gingrich said targeting Iran's refinery would spark an economic crisis that would destabilise the government in Tehran.
He said the US should "use covert operations … to create a gasoline-led crisis to try and replace the regime".
"I think we have a vested interest, the world has a vested interest, in a responsible Iranian government, just as we have a vested interest in a responsible North Korean government," he said.