Eurozone and UK CDS spreads calm following earlier volatility

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The cost of insuring eurozone and UK sovereign debt has stabilised following a period of volatility earlier in the week.

Data provided by CMA DataVision shows that at 09:45 BST today the cost of five-year credit default swap (CDS) protection on Portuguese sovereign debt stood at 192.6 basis points, a small fall from yesterday's close of 194.5bp and far below its May 7 close of 425.1bp. CDS spreads on Greek sovereign debt closed below 500bp yesterday for the first time since April 21, and tighten