LONDON (MarketWatch) — The cost of insuring Portuguese and Spanish government debt against default continued to rise Friday despite a denial by the Portuguese government that it’s under pressure to accept a bailout. The spread on five-year Portuguese credit default swaps, or CDS, widened by 20 basis points to 500 basis points, according to data provider Markit. That means it would cost $500,000 annually to insure $10 million of Portuguese debt against default for five years, up from $480,000 on Thursday. The Spanish CDS spread widened to 312 basis points from 303, while Ireland widened 18 basis points to 600.
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