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Friday
Jun172011

Country Default Risk; Greece Stands Out

DateFriday, June 17, 2011 at 11:07AM

Greece has really distinguished itself this week as the country that is most at risk of default.  It has separated from the pack when looking at 5-year credit default swap prices (CDS).  As shown in the table at the bottom of this post, Greek 5-year CDS is now at 2,236.70 basis points, which means it costs $2,236.70 per year to insure $10,000 worth of Greek debt for five years.  Talk about a high premium!

The second riskiest country in terms of default risk is Venezuela, and its CDS price is currently half that of Greece!

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