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EURO CDS OPEN: Markets are seeing a mild relief this
First Published Friday, 24 June 2011 07:33 am - © 2011 Need to Know News
EURO CDS OPEN: Markets are seeing a mild relief rally this morning as EU leaders have pledged to rescue Greece in exchange for further deficit reduction measures that will close "black holes". Its difficult to really see that the position is materially different this morning given the ongoing longer term fiscal issues Greece must face. However the markets appear to have some Greece fatigue after a week where the issue dominated sentiment once again. The bigger issue though this week has been the convergence of other peripheral countries spreads towards Greece with markets discounting "restructuring contagion". CDS markets have underperformed this week and look set to end the week on the wides of the recent range.
First Published Friday, 24 June 2011 07:33 am - © 2011 Need to Know News
EURO CDS OPEN: Markets are seeing a mild relief rally this morning as EU leaders have pledged to rescue Greece in exchange for further deficit reduction measures that will close "black holes". Its difficult to really see that the position is materially different this morning given the ongoing longer term fiscal issues Greece must face. However the markets appear to have some Greece fatigue after a week where the issue dominated sentiment once again. The bigger issue though this week has been the convergence of other peripheral countries spreads towards Greece with markets discounting "restructuring contagion". CDS markets have underperformed this week and look set to end the week on the wides of the recent range.