Greek bailout deal fails to dent CDS spreads
Sovereign spreads flat or wider despite agreement on fresh bailout for Greece
The bailout deal reached in the early hours of this morning between eurozone finance ministers and representatives of the Greek government has done little to affect perceptions of sovereign default risk. Credit default swap (CDS) spreads on 10 European countries – from the so-called periphery to the core eurozone nations of France and Germany – were either flat or slightly wider today.
Italian spreads widened from 382 basis points at close of play yesterday, to 388bp at 4.30pm UK time today
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