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Portugal cuts deeper as EU nations hold crisis meeting

By Implode-Explode Heavy Industries

``Portugal unveiled further spending cuts on Friday to try to restore confidence in its finances as eurozone leaders met to discuss the crisis in the single currency... The yield on Portuguese five-year debt hit a new high of 7.99pc amid mounting speculation that it will join Ireland and Greece in seeking a rescue package. Yields on Greek and Irish sovereign debt also rose, making it more expensive for them to borrow. ''

Full post as published by Mortgage Lender Implode-o-Meter on March 12, 2011 (boomark / email).