Periphery CDSs break records as sovereign fears continue

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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