Greek CDSs Rise

Credit default swaps on Greek government debt rose for a fourth consecutive day amid concerns that a rating downgrade may deny the country access to funding from the ECB.

Credit default swaps on Greek government bonds increased by 10 basis points to 392, which is the highest in two weeks, according to data from CMA datavision.

Meanwhile, Moody’s has announced today that it may downgrade Greece’s A2 rating in the next few months. This would make Greek government bonds ineligible as a security for loans from the ECB under the new rules that are planned to be implemented later this year.