Greece and Portugal caused the cost of insuring to cover losses on economies budget deficits to mark a record as a result of worries that economies are having a tough time lowering budget deficits, as it continues to hurt confidence especially as in Greece they are dealing with a deficit of 12.7% of GDP of last year's.

As a result of this, we saw stocks and bonds tumble in Portugal, Spain and Hungary on worries that governments will find it hard to be provided with capital to narrow the national budget deficits, while the lower government spending in Greece is leading to strikes.