Portuguese CDS spreads climb after austerity measures voted down

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Portuguese credit default swap (CDS) spreads have widened to their highest point since early January today, after the government's failure yesterday to secure support in parliament for a new series of austerity measures. The Portuguese prime minister Jose Socrates has announced his resignation, leaving the heavily indebted sovereign on the edge of having to seek bail-out assistance from the European Union's European Financial Stability Facility (EFSF). After closing yesterday at 529 basis points

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