Protection spreads on European bank debt begin to narrow

Naomi Humphries
11 Oct 2002

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Credit default swaps for major European financials have widened from between 8 basis points to over 80bp over the past week, driven by a major crisis of confidence in the sector. The situation was mainly precipitated by the recent crisis in the German banking sector and active downgrading by the rating agencies on a number of key institutions in recent weeks.

“This has put severe pressure on the system,” said one financials trader at a leading credit derivatives dealer in London today. On

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