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The ongoing shake up of the Portuguese political scene has seen the yield of its ten-year sovereign debt spike up to 8% this morning, and although it is now back down to 7.25% it is still above the danger level of 7%.
This has set off a fresh set of fears for countries that have already been bailed out, and the political and civil willpower they may or may not have to meet the tough austerity measures that the European Central Bank and the Internal Monetary Fund have set out as criteria. The concern is that if one of these countries fails to meet deadlines then others will quickly follow. The run on the sovereign debt market has also seen Slovenia edge ever closer to the 7% threshold, and at this point in time the EU-wide political appetite for bailing out another country is particularly weak.
A couple of weeks ago we highlighted the fact that traders are once again starting to watch the debt market yields closely. The fact that the US are thinking about bringing to an end its stimulus packages, due to their economy improving, has brought back into focus how poorly the eurozone is doing in comparison.