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Tuesday, April 27, 2010

Euro crisis spreading... Portugal debt insurance reaches record high

The cost of insuring Portuguese government debt against default jumped to a record high on Monday on concern that Portugal could be next to suffer a Greek- style debt crisis if no lasting solution was found for Athens.

The price of insuring against a Greek debt default also rose, to 619,000 euros ($824,250) per 10 million euros of exposure from 614,600 euros at the New York close on Friday, according to credit default swaps data from CMA DataVision.

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