Markets on Tuesday were shocked – shocked! – to discover that Portuguese bonds may be akin to gambling. Like Captain Renault in Casablanca, investors collected their chips and left, pushing Portuguese two-year bond yields above 15 per cent for the first time.
The statement of the blindingly obvious came from Moody’s, which downgraded Portugal to junk status. Irish bonds, potentially next to have ratings catch up with reality, hit record levels, as did Italy’s.
News that China had hiked interest rates, meanwhile, prompted little angst.
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