Insurers demand lump sum payment up front for Portuguese bonds

Reuters has the latest on the ever unfolding euro disaster here. A quote:

Banks and others offering default insurance to holders of Portuguese sovereign debt have begun demanding huge up-front payments rather than allowing costs to be spread over the term of the contract.

On Monday, this meant that it cost a whopping 3.95 million euros to insure 10 million euros in bonds over five years, payable now.