Sovereign CDSs not to blame for fiscal woes, say dealers
Sovereign credit default swaps (CDSs) are not to blame for the budget woes of European governments, say market participants, despite calls from politicians and regulators to ban the instruments.
The sovereign CDS market has attracted increasing attention over recent months, highlighted by the fiscal problems faced by countries such as Greece. Five-year sovereign CDSs referencing Greece were trading at 340.1 basis points on March 1, according to London-based data vendor Markit. Politicians have
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