With an involuntary Greek debt restructuring in the works (see Greek Debt Solution Likely to Trigger Credit Default Swaps) it’s time to focus on the next involuntary debt restructuring.

Portugal 10-Year Government Bond Yield

Expect a currency crisis to erupt in Portugal at any time. Round-after-round of emergency meetings (and all of them will fail), are just around the corner.

Mike “Mish” Shedlock
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