Portugal - The Euro's Next Existential Crisis

So long as at least one of the four rating agencies judges Portugal to be worthy, its government debt remains eligible to participate in the ECB's bond-buying program. 

 But if the country drops to sub-investment grade at all four, the ECB’s own rules forbid it from buying any more Portuguese government securities - purchases which have ballooned to almost 15 billion euros ($17 billion) in the program's one-year lifetime.



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