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Portugal next to buckle - NASDAQ report

Saturday, January 28, 2012 20:32

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The report from Nasdaq just re-posted from Emerging Money, confirms what this blog has been pointing out repeatedly for a long time, but most particularly these past few days, when most attention has been turned upon Greece.

There is in fact not that much difference in CDS consequences of default between the two EU crippled countries, Reuters this evening reminding us, link here, as follows:

The current average market value of a portfolio of Portugal’s bonds, weighted for the different amounts it has issued, is about 63 percent of face value, and an event which triggered a payout on credit default swaps would cost the sellers of protection about 1.4 billion euros.

On a similar basis the market value of Greek debt at the moment is about 28 percent of face value and if a CDS payout were triggered it would cost sellers about 1.7 billion euros.

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