ECB

Fund managers are snapping up cheap portfolio insurance ahead of an expected market pull-back, after the VIX index hit pre-recession lows in March.

Paul Read, fund manager at Invesco Perpetual, has urged investors keen to buy into financials to focus on the debt offered by banks and their peers, rather than snap up shares in the companies.

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Europe's economic and financial affairs commissioner Olli Rehn has warned Portugal may need a fresh bailout within a year.

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FINANCIAL CRISIS