As Euromoney went to press at the end of March, Portugal appeared to be on the brink of seeking assistance from the EU and IMF to roll over its finances, peripheral sovereign spreads were widening once more, and Ireland was due to present plans to recapitalize its banks that might require senior unguaranteed bondholders to share the burden. And the European Central Bank had managed to convince the markets that it would raise rates in April, as the consensus grows among credit analysts that default rates might have hit a cyclical low and be set to rise before too long.
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