[Reuters] EURO GOVT-Greek, Spanish, Italian CDS rise on debt swap worries
LONDON, March 6 (Reuters) - The cost of insuring
Greek, Spanish and Italian government debt against default rose
on Tuesday on uncertainty over Greece's debt restructuring and a
worsening economic outlook.
Greek five-year credit default swaps were quoted at 76.5
points up front, 2 points higher on the day, according to data
provider Markit. This means the cost of a $10 million CDS
contract was $7.1 million, payable at the start of the
agreement.
Equivalent Spanish CDS rose 10 basis points to 395 bps,
meaning it costs $395,000 annually to buy $10 million of
protection against a Spanish default. Italian CDS were up 9 bps
at 371 bps.
(Reporting by Marius Zaharia)
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Keywords: MARKETS EURO CDS/