CDS spreads continue to fall across eurozone periphery
The cost of swaps protecting against a state default of eurozone peripheral states continued to decline today.
Credit default swap (CDS) spreads on Portugal declined from 484 basis points at close of trading yesterday to 471bp as of 1.00pm today, while the cost of default protection on Spain lowered slightly, with spreads narrowing from 297bp to 294bp.
The cost of insuring against an Italian default sank from 629bp at close of play yesterday to 611bp as of 1.00pm today, while CDS spreads on Greece fell from 933bp to 880bp over the same period.
Meanwhile spreads on Irish government debt fell from 629bp at
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