January 7, 2011
The cost of insuring some European government debt against default hit a record after regulators issued proposed rules on bank bailouts that would hurt bondholders.
The move higher reflects a widening gap between what the market is saying and how the major ratings companies judge these countries.
"Further downgrades are certain, and we have not seen the last screen shot of this movie yet," said Lena Komileva, head of G-7 market economics at Tullett Prebon, a brokerage firm in London.
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