Euro sovereigns suffer as politicians discuss debt crisis mechanism
Peripheral sovereigns are under pressure again as politicians in Brussels raise the possibility of bondholders sharing the pain in any debt restructuring of failing countries. A comment by Greek deputy prime minister Theodoros Panagalos that "debt exists to be restructured" has added to concerns. Yields continue to rise on Greek, Portuguese, Irish and Spanish debt, and Portugal will auction three and six month bills on Wednesday, testing appetite for the paper. Read EuroWeek on Friday for views on where the downward spiral will end.
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