Credit spreads edge inwards in hours before Irish budget

Sovereign and corporate CDS tighten as Irish government prepares to announce austerity measures.

With the Irish finance minister, Brian Lenihan, set to announce the country's new budget this afternoon, spreads of credit default swaps (CDS) on European sovereign and financial debt tightened slightly in trading to 1:30pm London time today.

According to data from market-information provider Markit, CDSs on Ireland fell 10 basis points from 562bp at close of trading yesterday to 552bp today. Italian CDSs also tightened from 216bp to 212bp, and Greek CDSs fell from 934bp to 913bp. Spain and

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