Egypt debt insurance costs fall sharply-Markit

LONDON, July 4 Thu Jul 4, 2013 5:17am EDT

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LONDON, July 4 (Reuters) - The cost of insuring Egypt's debt fell sharply in the five-year credit default swap market on Thursday after the country's army overthrew president Mohamed Mursi and installed the head of the constitutional court as interim head of state.

Egypt's five-year CDS fell 80 basis points to 816 bps, according to Markit, after hitting record highs above 900 bps earlier this week.