By Bondsquawk:
Greece’s 5-Year Credit Default Swap is higher by 53 basis points to a spread of 985 today. The spread, which is the cost associated with owning protection in case of default, is only 23 basis points shy of the recent high set before the announcement of the EU’s rescue package in early May. According to CMA, Greece is second at 56.7 percent behind Venezuela in terms of highest cumulative default probability (CPD) among sovereign credit. Based off of this measure, a default or restructuring is gaining traction.
(Greece 5-Year Credit Default Swaps – Historical Chart)
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