Portuguese CDS spreads down on ECB bond purchase rumours

Credit default swap (CDS) spreads on Portuguese sovereign debt fell sharply today, reaching 496 basis points at 3.00pm UK time from a close yesterday of 511bp, according to market data specialist Markit. The spread contraction followed rumours that the European Central Bank is embarking on another round of Portuguese bond purchases.

Downgraded earlier this week, Portugal is locked in a political struggle over austerity measures that the government has decided are necessary to repair its finances

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