Concern Shifts to Portugal
Markets have been oddly complacent about the lack of debt deal for Greece. Perhaps it's because a Greek default is a foregone conclusion with yields on the €14.4 billion in bonds due on March 20 hitting 1100% in late January. Investors are now shifting their attention to the next PIIGS (Portugal, Italy, Ireland, Greece and Spain) domino set to fall.
That domino is Portugal. The recent selloff in Portuguese bonds has sent yields and the cost of insuring the country's debts to record highs and to levels reminiscent of those in Greece last summer, preceding that country's first debt write-down deal....577 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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