Portugal is trying to fight off Greek debt contagion risk. Today Greece and the National Bank of Greece (NBG) were both downgraded and Government yields/CDS spiked while equities took a hit (see post). As many have said, including Pimco's Mohammed El-Erian recently on CNBC, sovereign and corporate credit risk could spread into other European countries which is putting a bid under the US Dollar and Gold, and killing the Euro. I'll post charts out later.
Benzinga's Top Downgrades
2 minutes ago