Greek CDS spreads tumble on EU bailout

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Credit default swap spreads on Greece tightened in early trading today, as European Union president Herman Van Rompuy confirmed there would be a bailout for the ailing sovereign.

The cost of five-year credit protection on Greece had fallen to 336.5 basis points as of 12:30 GMT after closing last night at 356bp, according to figures from CMA DataVision. The country’s CDS levels have fallen markedly this week on the expectation of a bailout, having peaked on February 4 at 428bp.

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