Irish, Portuguese CDS rise

LONDON, March 31 (Reuters) – The cost of insuring against a
default by Portugal and Ireland rose on Thursday with little
respite for the euro zone’s stressed countries.

The cost of insuring against a default by Portugal rose 16
basis points to a new high of 580 bps, according to five-year
credit default prices from Markit. The price means it costs
580,000 euros to insure 10 million euros of debt against
default.

Irish 5-year CDS rose 16 bps to 635 bps with expectations of
a credit rating downgrade offsetting a radical restructuring of
the banking sector.

Irish, Portuguese CDS rise