To No. 2,

登釣之後事：

美國艦隊正在關島游戈，不可意氣用事，引狼入屋。

韓國登陸獨島，就如大孖細孖爭玩具，美國阿媽不干預。

俄羅斯又提北方四島，美國有忌憚，西伯利亞熊不好惹。

日本已有排煩，中國實不用出手，借力打力可也。

 

「受迫害妄想症」，是心理學的一個專科，很有趣的學問，研究一個人（或者一個民族），為何時時都覺得四周鬼影幢幢，想搞害他。
受迫害的妄想，是永遠把自己當做弱者，形成一種「受害人心理文化」（ Culture of Victimhood）─為什麼是一種「文化」呢？因為外在的環境，對於內在的意識，是會產生影響的。
譬如，美國森林管理局委託心理學家調查發現，一個社區，如果街道多樹木，這個地方的犯罪率一定比沒有樹的街道低。不是因為有樹神庇佑治安，而是樹木種得越多，對於一個犯罪者，那片片綠色，有心理的震懾作用，在潛意識裡，他會覺得這條街的居民，有很高的公德質素，他們植樹，三數家人家挨一棵，好似幾戶人共同照料一棵綠樹，令犯罪者覺得這條街的居民都能守望相助，一旦他爆竊了誰的房子，鄰居起而協助捉賊，他束手就擒的機會高。
當然，一條街上多樹木，跟街上的居民互助捉賊，其實全無關係，但對這個人來說，一條街上的片片綠蔭，在他的心頭，形成了幢幢鬼影。人家門前的一棵樹，成為了敵人，都變成了你的心理威脅。心理脆弱的人，容易把一片綠蔭，當做鬼影，所以中文有「風吹草動」這句傳神的成語。「風吹草動」，本來是自然的物理現象，但這句成語指的是內心的疑慮、猜忌、警惕、恐懼，這就是 Culture of Victimhood的例子。
又如香港「勇士」登上幾塊礁石，遭到日本警員逮捕，被捕的人大呼：「打倒日本軍國主義」。日本今日，何來什麼軍國主義？首相是文官，憲法上沒有軍隊，沒有東條英機和山本五十六在決策，抓你的人，只是一個民主憲政國家的警員，跟香港的警察沒有兩樣。
樹蔭就是樹蔭，不是魔影，這一點，精神病患者，永遠拒絕相信。做受害人，扮着扮着，「角色」成真，他真的黐了×線！ 

文章內容豐富

http://www.youtube.com/
watch?v=saDnTe8tBWc

 本地資金難以令樓價大升,.同意筆者意見:

         [這次升浪是由中小型單位帶動，購買力來自於換樓客和以本地資金為主，觀內地買家較多的新盤市場，地產商也不敢胡亂加價，便可看得出端倪，各位準買家大可放心，在沒有炒家的市場裡，中小型樓價要大幅上升，難矣！]

日本自我了斷機會很大, 中國實沒必要出手, 現在的問題是美國暗中支持一些所謂的壯士上釣島, 攪起中日民眾怒火,有點討厭.

樓價持續創新高，我小甜甜的陳年貨，深井豪景花園、沙田碧濤花園等，已經剩低很少，估計2013年可以全部清貨。

 

為什麼陳茂波仍未下台???

胡主席的八榮八恥，陳茂波知不知道????????????

 

你錯了，事實上樓價已經大升，不要扮檬蠢誤導人。 更正如下： [ 這次升浪已差不多完結，各位準買家要非常小心，在炒家散貨的市場裡，大中小型樓價要大幅下跌，不遠矣！]

你97年入市即證明你受誤導摸頂高位入市，泡沫爆破前入市，妙家沽貨時你去承接，用超高價買深井樓，即投資失敗，即係等於現時有些人不停唱好樓市吹大泡沫想人摸頂入市一樣，明未？

when you make a loss, Indeed because  "證明你受誤導摸頂高位入市"

In case you make money?? Indeed because I am smart.

講起浪翠園真係新愁舊恨湧上心頭，我同老婆由細到大都係住港島嘅，好日都唔過海睇新樓，點知在 97 年中行銅鑼灣，就喺世貿中心樓下上左架睇樓專車，本想去浪翠園遊車河兼運桔，點知見倒嗰個盤開價係 7 - 8 k，我同老婆講呢度都 7 - 8 k，咁西半山 2 手賣 6 - 7 k 咪超抵！

第 2 日立即嗱嗱聲落地產度放賣自住間屋，由 1 房轉 2 房，玩大一倍，點知中晒招！好彩我哋俾足一半首期同做盡 25 年分期，否則死十次都唔夠！

現在雨過天晴，我依家呢層樓神早返回家鄉，現在回頭一望，我嗰程車真係超貴，因為我同老婆原本係計劃 2000 年先換樓嘅，現在唔覺意提早左三年換，交多左成球幾學費都唔只！

To : 小業主/亮劍。

謝謝分享經驗。

『【經濟日報專訊】再多一間青年宿舍落戶港島！救世軍擬於灣仔興建青年宿舍，提供約500個宿位、月租4,000元起，惟宿規嚴厲，不准飲酒吸煙，更謝絕「鴛鴦宿」。』(23.8.2012)

救世軍每年此項收入為：500個宿位 x 平均月租$4,500元 x 12月 = $27,000,000元

平均每日收入為：$27,000,000元 / 365日 = $73,973元

現今是互聯網世代，只耍click入匯豐、中銀、恒生的網上估價網頁，輸入物業地址，銀行馬上可以告知你估值是多少，連這樣也不做或不會做，只信地產經紀口噏噏一面之詞 ，能怪誰？

報章好多時報導指標屋苑又破97價云云！睇落好似好爆炸咁，但查實唔少地區已經神早破左97價好多，例如中西區同灣仔等區，唔少樓比 97 年最高價升足幾成！

如果俾啲記者知道，我想連續三日 A 1 都似！

 

 

破97價是暗示大家要繼續高追，因為有心人已將97癲價設定成為一個指標並合理化之。十五年後，楼憤也有可能要破今天2012年之癲價呵！

亮劍呢排可能已沽咗貨,手持現金频頻唱淡.

[樓上22樓亮劍]有偏差矣,樓價高過97年係好正常,何況只是局部,我秋天認為樓價要繼續升至合理,反正香港大都數的市民都住在私人樓或資助樓宇裡,樓價升他們的財富自然會跟隨上升,好處比壞處更多!

石鏡泉話幾拾年前一條油炸鬼加一碗白粥係一毫子，家係 13 元！

嗰時一個小學教師月薪係 300 銀，現在係 2 萬銀左右！

而金價由美金 35 每安士升到 16XX！

咁樓價由拾幾萬上到 2XX 又有幾奇怪？

這叫通貨膨脹！係因為這幾拾年各個政府都玩緊信貸擴張！喺度年年印銀紙，狂揾那些揸住債券及現金嘅人笨！

要是你係叮噹個朋友，可以用時光機回到 7- 8 拾年代，你會揸錢收息；定係買磚頭自住或收租？請俾個答覆我！

但我上星期去銀行估價, 發覺200幾萬樓, 竟然差左30萬, 真feel到d wok 味

仲係業主嘅你請注意-

 

現在港島壹手＞港島弍手。

而港島弍手大約＝九龍弍手。

而九龍弍手大約＝新界壹手。

新界壹手＞新界弍手！

 

當你係一個業主，你好驚樓市會泡沫爆破，攪到瞓唔着覺，你可以做嘅嘢係：-

1)      減持非自住物業，直到安全水平，例如負債佔資產淨值叁成樓下！

2)      只得一間屋自住者，睇下可否照上表咁由港島搬去九龍，或九龍搬去新界！

3)      如果因為唔想啲細路轉校，咁可否新轉舊，三房轉兩房？

4)      每月入息要強制性預 4成出來供樓，有多嘅話就儲起拒買盈富或 A50！

5)      請你撫躬自問，你投資係唔係醒得過 80 %以上嘅港人？如果答案係否或唔肯定嘅話，咁你就千萬唔好賣出自住樓轉租，否則剩係買驚風散都買窮你！

6)      超過60歲嘅業主如果要賣出自住樓嘅話，除非你嘅細路孝順到寫包單，可以俾間房你長住，直致你百年歸老，記住拒嘅另一半要加簽為實，否則無業主會招呼你，除非你去住劏房！

而港島弍手大約＝九龍壹手。

 

一時手快寫錯！

Just did a comp between HK CPI and Centaline housing index with findings as follow:

1 Period covered: Jan 1994 - Jun 2012
Property up 68% while CPI up 40%, on annualized  basis, property up 2.86% vs CPI up 1.86% on compound basis

2 Period covered: May 1997 - Jun 2012
Both up ~ 9.5% with annual compound rates 0.6% 

3 the 2 indices have very high correlation but property index indeed have a lot higher volatility

4. On CPI: annual compounded inflation rate of 8.1% between 1981 to June 1998, then annual compounded deflation rate of 3.2% to Sep 2003, then we have low inflation rate of 2.6% (annual compounded) till now.

文者再一次流出筆者眼光獨特,有力及豐富內容

＂＂本地購買力，難使中小型樓價大升＂＂。。。。。這個標題己經是一很大的誤導，想令人覺得樓價重有得升，叫人摸頂入市接火棒，事實上樓價已經大升了，而且還不斷被人吹大推高，就快要爆煲了！

同意楼上所言，事實上樓價已經大升，不要再誤導人， 因為這次升浪已差不多完結，所以各位準買家要非常小心，在炒家散貨的市場裡，大中小型樓價要大幅下跌的日子不遠矣！

to : 小業主/亮劍。 謝謝分享經驗。我決定不會現在用超癲價置業了。

現在深圳樓幾$呎? 近關口的幾$呎?

上水屯門普通樓幾$呎? 人仔兌港幣得0.82

香港300萬買新界樓=246萬人仔

本人同意樓上所講,樓價大升難矣,後勁一定不繼,冇需急於入市買樓!

南海隱憂我早半年前已提過,這裡某些師兄還末接受到呢!

同意樓上意見!

中小型樓價已大幅上升了很多, 你地D分析真是爛得很!

他們不是不識分析，他們只是想誤導人覺得樓價還有很多上升空間而矣。

擦鞋仔樂園.  

Catalonia seeks 5bn-euro bailout 2012年8月28日 19:35 The debt-ridden Spanish region of Catalonia has asked for a bailout of 5bn euros ($6.3bn; £4bn) from the central government. This summer, a 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed that Spain's economy contracted further in the second quarter. The economy shrunk by 0.4% between April and June after a 0.3% drop in the previous three months, the Instituto Nacional de Estadistica said. The nation's struggling economy has now declined for three straight quarters. On an annual basis, Spain's economy contracted by 1.3% in the second quarter. Speculation has persisted that the country will have to request a full financial rescue. In June, Spain requested 100bn euros ($122bn; £79bn) of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. Borrowing costs Despite this, the official figures show that Spain grew during 2011 as a whole despite earlier statements that it had shrunk for the year. But the economy contracted in 2010 more than had been stated. The European Central Bank has said it will come up with ways to help eurozone countries, leading to raised hopes that it will buy Spanish debt to push down the cost of borrowing. Prime Minister Mariano Rajoy has said he will do "what was best for the Spanish people" and is considering all options regarding a bailout, which has helped calm markets. On Tuesday, the interest that Spain pays to borrow for three months fell to 0.946%, from 2.434% at a similar auction in July. Six-month debt dropped to 2.026%, from 3.691%, at the sale. But the rate of interest Spain pays on longer-term borrowing has remained high because of investor concerns, making it difficult for the nation to service its debts. Troika in Lisbon Last month, Madrid announced additional spending cuts and tax rises worth 65bn euros. Meanwhile, the so-called troika - the International Monetary Fund, the ECB and the European Commission -are in Lisbon to monitor the progress that Portugal is making on its commitments under its bailout. Last week, official figures indicated that the government would probably miss its target of deficit target unless it found ways to tighten the budget further. This comes after the troika visited Greece last week. Greece's continued access to the bailout packages depends on a favourable report from the troika. Athens is trying to finalise a package of 11.5bn euros of spending cuts over the next two years to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout.y Catalonia seeks 5bn-euro bailout 2012年8月28日 19:35 The debt-ridden Spanish region of Catalonia has asked for a bailout of 5bn euros ($6.3bn; £4bn) from the central government. This summer, a 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed that Spain's economy contracted further in the second quarter. The economy shrunk by 0.4% between April and June after a 0.3% drop in the previous three months, the Instituto Nacional de Estadistica said. The nation's struggling economy has now declined for three straight quarters. On an annual basis, Spain's economy contracted by 1.3% in the second quarter. Speculation has persisted that the country will have to request a full financial rescue. In June, Spain requested 100bn euros ($122bn; £79bn) of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. Borrowing costs Despite this, the official figures show that Spain grew during 2011 as a whole despite earlier statements that it had shrunk for the year. But the economy contracted in 2010 more than had been stated. The European Central Bank has said it will come up with ways to help eurozone countries, leading to raised hopes that it will buy Spanish debt to push down the cost of borrowing. Prime Minister Mariano Rajoy has said he will do "what was best for the Spanish people" and is considering all options regarding a bailout, which has helped calm markets. On Tuesday, the interest that Spain pays to borrow for three months fell to 0.946%, from 2.434% at a similar auction in July. Six-month debt dropped to 2.026%, from 3.691%, at the sale. But the rate of interest Spain pays on longer-term borrowing has remained high because of investor concerns, making it difficult for the nation to service its debts. Troika in Lisbon Last month, Madrid announced additional spending cuts and tax rises worth 65bn euros. Meanwhile, the so-called troika - the International Monetary Fund, the ECB and the European Commission -are in Lisbon to monitor the progress that Portugal is making on its commitments under its bailout. Last week, official figures indicated that the government would probably miss its target of deficit target unless it found ways to tighten the budget further. This comes after the troika visited Greece last week. Greece's continued access to the bailout packages depends on a favourable report from the troika. Athens is trying to finalise a package of 11.5bn euros of spending cuts over the next two years to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout. Catalonia seeks 5bn-euro bailout 2012年8月28日 19:35 The debt-ridden Spanish region of Catalonia has asked for a bailout of 5bn euros ($6.3bn; £4bn) from the central government. This summer, a 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed that Spain's economy contracted further in the second quarter. The economy shrunk by 0.4% between April and June after a 0.3% drop in the previous three months, the Instituto Nacional de Estadistica said. The nation's struggling economy has now declined for three straight quarters. On an annual basis, Spain's economy contracted by 1.3% in the second quarter. Speculation has persisted that the country will have to request a full financial rescue. In June, Spain requested 100bn euros ($122bn; £79bn) of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. Borrowing costs Despite this, the official figures show that Spain grew during 2011 as a whole despite earlier statements that it had shrunk for the year. But the economy contracted in 2010 more than had been stated. The European Central Bank has said it will come up with ways to help eurozone countries, leading to raised hopes that it will buy Spanish debt to push down the cost of borrowing. Prime Minister Mariano Rajoy has said he will do "what was best for the Spanish people" and is considering all options regarding a bailout, which has helped calm markets. On Tuesday, the interest that Spain pays to borrow for three months fell to 0.946%, from 2.434% at a similar auction in July. Six-month debt dropped to 2.026%, from 3.691%, at the sale. But the rate of interest Spain pays on longer-term borrowing has remained high because of investor concerns, making it difficult for the nation to service its debts. Troika in Lisbon Last month, Madrid announced additional spending cuts and tax rises worth 65bn euros. Meanwhile, the so-called troika - the International Monetary Fund, the ECB and the European Commission -are in Lisbon to monitor the progress that Portugal is making on its commitments under its bailout. Last week, official figures indicated that the government would probably miss its target of deficit target unless it found ways to tighten the budget further. This comes after the troika visited Greece last week. Greece's continued access to the bailout packages depends on a favourable report from the troika. Athens is trying to finalise a package of 11.5bn euros of spending cuts over the next two years to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout. Catalonia seeks 5bn-euro bailout 2012年8月28日 19:35 The debt-ridden Spanish region of Catalonia has asked for a bailout of 5bn euros ($6.3bn; £4bn) from the central government. This summer, a 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed that Spain's economy contracted further in the second quarter. The economy shrunk by 0.4% between April and June after a 0.3% drop in the previous three months, the Instituto Nacional de Estadistica said. The nation's struggling economy has now declined for three straight quarters. On an annual basis, Spain's economy contracted by 1.3% in the second quarter. Speculation has persisted that the country will have to request a full financial rescue. In June, Spain requested 100bn euros ($122bn; £79bn) of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. Borrowing costs Despite this, the official figures show that Spain grew during 2011 as a whole despite earlier statements that it had shrunk for the year. But the economy contracted in 2010 more than had been stated. The European Central Bank has said it will come up with ways to help eurozone countries, leading to raised hopes that it will buy Spanish debt to push down the cost of borrowing. Prime Minister Mariano Rajoy has said he will do "what was best for the Spanish people" and is considering all options regarding a bailout, which has helped calm markets. On Tuesday, the interest that Spain pays to borrow for three months fell to 0.946%, from 2.434% at a similar auction in July. Six-month debt dropped to 2.026%, from 3.691%, at the sale. But the rate of interest Spain pays on longer-term borrowing has remained high because of investor concerns, making it difficult for the nation to service its debts. Troika in Lisbon Last month, Madrid announced additional spending cuts and tax rises worth 65bn euros. Meanwhile, the so-called troika - the International Monetary Fund, the ECB and the European Commission -are in Lisbon to monitor the progress that Portugal is making on its commitments under its bailout. Last week, official figures indicated that the government would probably miss its target of deficit target unless it found ways to tighten the budget further. This comes after the troika visited Greece last week. Greece's continued access to the bailout packages depends on a favourable report from the troika. Athens is trying to finalise a package of 11.5bn euros of spending cuts over the next two years to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout. Catalonia seeks 5bn-euro bailout 2012年8月28日 19:35 The debt-ridden Spanish region of Catalonia has asked for a bailout of 5bn euros ($6.3bn; £4bn) from the central government. This summer, a 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed that Spain's economy contracted further in the second quarter. The economy shrunk by 0.4% between April and June after a 0.3% drop in the previous three months, the Instituto Nacional de Estadistica said. The nation's struggling economy has now declined for three straight quarters. On an annual basis, Spain's economy contracted by 1.3% in the second quarter. Speculation has persisted that the country will have to request a full financial rescue. In June, Spain requested 100bn euros ($122bn; £79bn) of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. Borrowing costs Despite this, the official figures show that Spain grew during 2011 as a whole despite earlier statements that it had shrunk for the year. But the economy contracted in 2010 more than had been stated. The European Central Bank has said it will come up with ways to help eurozone countries, leading to raised hopes that it will buy Spanish debt to push down the cost of borrowing. Prime Minister Mariano Rajoy has said he will do "what was best for the Spanish people" and is considering all options regarding a bailout, which has helped calm markets. On Tuesday, the interest that Spain pays to borrow for three months fell to 0.946%, from 2.434% at a similar auction in July. Six-month debt dropped to 2.026%, from 3.691%, at the sale. But the rate of interest Spain pays on longer-term borrowing has remained high because of investor concerns, making it difficult for the nation to service its debts. Troika in Lisbon Last month, Madrid announced additional spending cuts and tax rises worth 65bn euros. Meanwhile, the so-called troika - the International Monetary Fund, the ECB and the European Commission -are in Lisbon to monitor the progress that Portugal is making on its commitments under its bailout. Last week, official figures indicated that the government would probably miss its target of deficit target unless it found ways to tighten the budget further. This comes after the troika visited Greece last week. Greece's continued access to the bailout packages depends on a favourable report from the troika. Athens is trying to finalise a package of 11.5bn euros of spending cuts over the next two years to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout. Catalonia seeks 5bn-euro bailout 2012年8月28日 19:35 The debt-ridden Spanish region of Catalonia has asked for a bailout of 5bn euros ($6.3bn; £4bn) from the central government. This summer, a 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed that Spain's economy contracted further in the second quarter. The economy shrunk by 0.4% between April and June after a 0.3% drop in the previous three months, the Instituto Nacional de Estadistica said. The nation's struggling economy has now declined for three straight quarters. On an annual basis, Spain's economy contracted by 1.3% in the second quarter. Speculation has persisted that the country will have to request a full financial rescue. In June, Spain requested 100bn euros ($122bn; £79bn) of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. Borrowing costs Despite this, the official figures show that Spain grew during 2011 as a whole despite earlier statements that it had shrunk for the year. But the economy contracted in 2010 more than had been stated. The European Central Bank has said it will come up with ways to help eurozone countries, leading to raised hopes that it will buy Spanish debt to push down the cost of borrowing. Prime Minister Mariano Rajoy has said he will do "what was best for the Spanish people" and is considering all options regarding a bailout, which has helped calm markets. On Tuesday, the interest that Spain pays to borrow for three months fell to 0.946%, from 2.434% at a similar auction in July. Six-month debt dropped to 2.026%, from 3.691%, at the sale. But the rate of interest Spain pays on longer-term borrowing has remained high because of investor concerns, making it difficult for the nation to service its debts. Troika in Lisbon Last month, Madrid announced additional spending cuts and tax rises worth 65bn euros. Meanwhile, the so-called troika - the International Monetary Fund, the ECB and the European Commission -are in Lisbon to monitor the progress that Portugal is making on its commitments under its bailout. Last week, official figures indicated that the government would probably miss its target of deficit target unless it found ways to tighten the budget further. This comes after the troika visited Greece last week. Greece's continued access to the bailout packages depends on a favourable report from the troika. Athens is trying to finalise a package of 11.5bn euros of spending cuts over the next two years to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout. Catalonia seeks 5bn-euro bailout 2012年8月28日 19:35 The debt-ridden Spanish region of Catalonia has asked for a bailout of 5bn euros ($6.3bn; £4bn) from the central government. This summer, a 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed that Spain's economy contracted further in the second quarter. The economy shrunk by 0.4% between April and June after a 0.3% drop in the previous three months, the Instituto Nacional de Estadistica said. The nation's struggling economy has now declined for three straight quarters. On an annual basis, Spain's economy contracted by 1.3% in the second quarter. Speculation has persisted that the country will have to request a full financial rescue. In June, Spain requested 100bn euros ($122bn; £79bn) of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. Borrowing costs Despite this, the official figures show that Spain grew during 2011 as a whole despite earlier statements that it had shrunk for the year. But the economy contracted in 2010 more than had been stated. The European Central Bank has said it will come up with ways to help eurozone countries, leading to raised hopes that it will buy Spanish debt to push down the cost of borrowing. Prime Minister Mariano Rajoy has said he will do "what was best for the Spanish people" and is considering all options regarding a bailout, which has helped calm markets. On Tuesday, the interest that Spain pays to borrow for three months fell to 0.946%, from 2.434% at a similar auction in July. Six-month debt dropped to 2.026%, from 3.691%, at the sale. But the rate of interest Spain pays on longer-term borrowing has remained high because of investor concerns, making it difficult for the nation to service its debts. Troika in Lisbon Last month, Madrid announced additional spending cuts and tax rises worth 65bn euros. Meanwhile, the so-called troika - the International Monetary Fund, the ECB and the European Commission -are in Lisbon to monitor the progress that Portugal is making on its commitments under its bailout. Last week, official figures indicated that the government would probably miss its target of deficit target unless it found ways to tighten the budget further. This comes after the troika visited Greece last week. Greece's continued access to the bailout packages depends on a favourable report from the troika. Athens is trying to finalise a package of 11.5bn euros of spending cuts over the next two years to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout.

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