The bond market has spoken. France losing its AAA-rating is a blow to the national ego but not its pocketbook. That’s not the case in Portugal, which carries the lowest ratings of any major European nation.
The 10-year benchmark closed at 12.45% on Friday and is trading at 14.17% currently. It just blew out after crossing the November high of 14.05%.
Porutgal sells 11-month bills on Wednesday.
