CDS markets fear European sovereign debt crisis

george-papandreou

The continuing budget crises in several eurozone countries, led by Greece, are being reflected in spiking credit default swap (CDS) prices on the countries' sovereign debt – and on the debt of their major banks. Even some domestically focused corporates are being caught out.

A general strike in Greece began today, and with the prospect of a bailout for the deficit-laden country still uncertain, the market's perception of the risk of default was still high at close of trading yesterday. Five-year

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