German CDS spreads soar 80% in a month as crisis hits eurozone core

germany-brandenberg-gate

Core eurozone countries including Germany and France have seen their credit default swap spreads (CDS) widen significantly over the past month, as global markets began to buckle under pressure from the worsening sovereign debt crisis.

Spreads on German five-year CDS contracts jumped 83% to 73 basis points in the month to August 4, with a 16% move in the preceding seven days alone, according to data provided by Markit. This brings Germany's credit spread within 6bp of the United Kingdom's spread

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