Portugal is unlikely to default

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Source: Forexfactory
Portugal faced increased pressure from investors as they expect the country to be the next to default. The yield on 10-year sovereign bonds soared above 15%, the record high level in the Euro Zone. The country's credit rating was downgraded to selective default by Standard's &  Poor's two weeks ago. However, Portugal has started to make progress towards debt crisis resolution by implementing fiscal reforms and may avoid a default in case it manages to do better control of job and public spending, reported the IMF.
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