Greek CDS Continues To Spike

Greek credit default swaps continue to rise as the concerns over a Greek default continue to grow by the day. Greek CDS rose 323.5 basis points from yesterday, going to 2,262.2 basis points on the 5 year debt. Yesterday, Prime Minister George Papandreou riled markets as many had been expecting him to resign. Instead, Papandreou announced he would be staying on, reshuffling his Cabinet, and asking for a stay of confidence vote.