European banks count the cost of sovereign exposure

European banks are taking stock of their exposure to Greece and other weaker eurozone nations, as the cost of insuring Greek government debt continued to rise today.

The cost of five-year credit default swap (CDS) protection on Greek sovereign debt rose to a new high of 950 basis points this afternoon from 928bp at close of trading in New York yesterday, according to market data provider CMA DataVision.

But the credit market seemed to play down the prospect of contagion, with the sovereigns

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