Rescuing Europe's Worst Government Bonds May Take More Than ECB
- Portugal is only sovereign debt market to post quarterly loss
- ECB expanded its bond-buying program at start of April
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It’s gone from bad to the worst for investors in Portuguese bonds.
While government debt in the euro region posted the biggest quarterly returns since the European Central Bank started its quantitative easing program a year ago, holders of Portuguese securities were left nursing a loss. Political wrangling to form a government and then a shift in budget policy have been dragging down the market more than in Spain, which is still without an elected government, or even Greece, a byword for crisis.