Greece Credit Swaps Surge to Signal 70% Probability of Default
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Greek sovereign bond risk is soaring as newly elected Prime Minister Alexis Tsipras seeks to overhaul the country’s debt agreements.
Credit-default swaps now signal a 70 percent probability the government will fail to meet its obligations within five years, up from 59 percent on Jan. 23. The contracts resumed trading in July for the first time since Greece undertook the biggest sovereign debt restructuring in 2012.