Sovereign CDSs balloon as equity markets crash

Credit default swap (CDS) spreads on Greece and other European countries increased today, reflecting market doubt that the weekend's German-led bailout will save the country – and the eurozone – from financial disaster.

The cost of five-year CDS protection on Greek sovereign debt was at 742 basis points at 4:50pm London time today, out from 646.5bp at close of trading yesterday in New York, according to market information provider CMA DataVision.

There were similar blowouts for other eurozone

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