Risk Stirs as Portugal to Puerto Rico Disrupt Complacency
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Credit investors lulled into complacency by the largesse of central banks are getting a reminder about risk.
Portugal’s Banco Espirito Santo SA jolted global markets when a parent company missed short-term debt payments. Puerto Rico’s governor signed a law giving some government entities the right to restructure debt, potentially hurting creditors. Then there’s the Middle East, where Israel is mobilizing 20,000 soldiers for a possible ground invasion of the Gaza Strip.