Portugal exchanged 6.64 billion euros ($9 billion) of bonds to reduce debt repayments due in the next two years as it tries to exit its 78 billion-euro international bailout without needing another rescue.
"Although we all know that Portugal is not Greece, from a market' convention' perspective Portuguese government bonds are still the closest proxy for Greek government bonds."
- David Schnautz on Oct 20, 2014
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