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I am playing this headline with (FXE IGOV EWI EWP) because Second point: The real danger isn’t that bond market fears will spread to Portugal, which like Greece is only a fraction of the euro zone’s total economy. The problem is if contagion hits bigger players like Italy and Spain. Today’s market movements don’t bode well in that regard. The cost of insuring against a sovereign debt default in Spain has hit $164,500 from $152,000 yesterday, while Italy is also up $6,000 to $137,000. |
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