LONDON Nov 24 The cost of protecting Greek
government debt against default jumped on Tuesday, according to
data monitor CMA DataVision, as investors fretted about the
country's fiscal health in a broadly risk-averse market.
The five-year credit default swap (CDS) on Greek government
debt climbed to 187.4 basis points from 175.2 basis points at
the New York close on Monday, CMA said.
This was still well off the peak of 285.1 bps hit in
February during the height of the global economic turmoil,
according to CMA.
This means it now costs 187,400 euros per year to insure an
exposure of 10 million euros of Greek government bonds, up from
175,200 euros on Monday.
The equivalent Portuguese CDS edged up to 72 basis points
from 70 bps late in New York on Monday. The 10-year
Portuguese/German bond yield spread reached 59 basis points --
the widest in a month -- from around 54 bps late on Monday.
The 10-year Greek/German government bond yield spread edged
out to 169 basis points from around 167 bps late on Monday,
having expanded to its widest in about five months last Friday.
Concerns about Greece have grown after data showed the
country's economy in its forth straight contraction in the third
(Reporting by Emelia Sithole-Matarise)
((Reuters Messaging: firstname.lastname@example.org,
Email: email@example.com; +44 20 7542 6752))