Portuguese CDS spreads widen ahead of austerity vote

Portuguese credit default swap (CDS) spreads experienced a big spike today, widening from 498 basis points at close of play yesterday to 537bp by 4.00pm UK time today, according to financial information provider Markit. The rise comes a day before the government's latest round of austerity measures are expected to be put to a vote in parliament. The main opposition party has refused to back the proposals, and if they are defeated in parliament it could spell the end for prime minister Jose Socra