Bahrain closed its stock exchange and the cost of insuring against default by the Persian Gulf nation held near the highest since July 2009 as clashes between security forces and anti-government protesters intensified.
The nation’s five-year default swaps dropped 7 basis points to 352 today after surging 44 yesterday to surpass Lebanon, whose debt carries a lower credit rating, for the first time in more than a year. Fitch Ratings cut Bahrain two levels yesterday as the government imposed a three-month state of emergency.
Clashes between the mainly Shiite Muslim protesters in Bahrain and forces from their Sunni government injured hundreds and drew criticism from Shiite-ruled Iran. Bahraini opposition group al-Wefaq said two of its members were killed when security forces moved to clear demonstrators from the Pearl Roundabout in the capital. Bahrain is home to the U.S. Navy’s Fifth Fleet and its ruling family has close links with Saudi Arabia, an ally of the U.S. in its attempts to halt Iran’s nuclear program.
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