Periphery CDSs break records as sovereign fears continue
Portugal might be next peripheral to seek help, economist warns, as its CDS hits record high.
Credit default swap (CDS) spreads on five-year peripheral European sovereign debt hit new highs today after Citigroup's chief economist Willem Buiter predicted in a report published yesterday that Portugal might be next to seek a bail-out.
According to data provider Markit, Portugal's CDS rose to 575 basis points at 1pm London time today, a new high, and other European sovereign CDSs also climbed to record levels. Ireland, despite the weekend's bail-out news, rose to 618bp, also a new high
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