Greece's short-term yield hits 14% as bond rating falls to junk

A wave of bad news about Greek and Portuguese government bonds sent investors scrambling to the safe havens of German, British and U.S. debt. Standard & Poor's cut Greece's sovereign-debt rating to junk status and downgraded Portugal's debt. The yield on Greece's short-term debt jumped to 14%. A budget spokesman in Germany fueled market volatility by warning that banks holding Greek bonds might end up taking a haircut on the debt.

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