Debt crisis around European Countries

Today I was reading a market signals sovereign risk report released by Moody's. The report related that Portugal and Spain default probabilities had climb to a record as Ireland's bailout failed to mollify the capital market. So, I thought that would be interesting to cut and copy a graph from that report:

According to Moody's, CDS-Implied EDF measures use CDS spreads to accurately determine an entity's default risk. You can find out more at the website.