CDSs on Irish banks widen further
The cost of credit protection on Irish banks rose steeply this morning as the European Commission warned Ireland's budgetary deficit could widen to 9.5% of GDP by the end of 2009.
Banks with exposure to Eastern European subsidiaries - which may receive ratings downgrades due to deteriorating economic prospects in the region - also continued to see their spreads widen today. CDSs referencing German banking giant
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