CDS spreads widen across eurozone peripherals
European sovereign debt protection costs rise as Merkel says no to expanding EU bail-out fund
Credit default swap (CDS) spreads widened on government debt across the periphery of the eurozone today, as bond markets remained jittery over the prospect of further sovereign bail-outs. Spain notched up the largest rise, with protection costs on five-year senior debt increasing from 328 basis points at close of play yesterday to 341bp by 1.00pm London time today.
This move was echoed across the single currency area, with CDS spreads on government debt widening from 457bp to 469bp in Portugal
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