Growing concern over Portugal’s ability to meet its debt obligations has forced the yield on Portugal’s 10-year bond to a record 7.6 percent on Thursday before falling slightly to 7.3 percent. This is a clear indication that the market remains unconvinced that Portugal is on track to avoid the need for emergency funding.
At its last meeting on March 11th, the EU failed to arrive at a plan for dealing with Portugal’s debt problems. The next meeting is scheduled for March 25th and it is expected that a detailed proposal will be crafted as part of the summit.
Source: The Associated Press
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