Greek Contagion Uncontained: Portugal Bond Risk Spikes Most In Over 7 Years
Portuguese bond risk spiked a massive 49bps today. Early efforts to limit the contagion failed and Portuguese risk went out at its highs of the day and the biggest spike in risk since March 2008. Yes we know Draghi has a big bazooka but so does China... and how did that work out?
Let us be clear - this is not "contained," no matter what you are told.
Charts: Bloomberg