Iggo: Portugal to get EU bailout this month

Portugal is set to receive a financial rescue package from the EU within a month, as the country's high borrowing costs are increasingly untenable, says Chris Iggo at AXA.

The firm's CIO of Axa Fixed Income says in the next few weeks Portugal is set to follow in the footsteps of Ireland and Greece, which were forced to take a bailout once their borrowing costs became too high, Bloomberg reports. Portugal's 10-year bond yield hit its highest level since the creation of the euro on 10 February, at 7.64%. This yield level sends warning signals as Greece required rescuing 17 days after surpassing the 7% mark on 10-year bonds. Similarly Ireland needed a bailout within a month after its bond yield hit this level last October. S&P also stated yesterday Port...