Portuguese CDS spreads climb after austerity measures voted down
The EU prepares itself for another sovereign bail-out after Portuguese parliament rejects tax rises and budget cuts
Portuguese credit default swap (CDS) spreads have widened to their highest point since early January today, after the government's failure yesterday to secure support in parliament for a new series of austerity measures. The Portuguese prime minister Jose Socrates has announced his resignation, leaving the heavily indebted sovereign on the edge of having to seek bail-out assistance from the European Union's European Financial Stability Facility (EFSF). After closing yesterday at 529 basis points
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