Irish CDS up as bailout fails to reassure
CDS spreads on Ireland's sovereign and bank debt remain at elevated levels
A €90 billion bailout of Ireland is failing to reassure credit default swap (CDS) market participants, with the cost of protection on bank and government debt remaining at precipitous levels.
Despite the promise of a bailout by the European Union and International Monetary Fund earlier this week, five-year CDS spreads on Irish government bonds rose for the second day running. From 525.6 basis points by market close on November 22, spreads had reached 580bp by market close today, according to
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