France Suddenly Looks Risky

While the markets beat up on debt from Greece, Spain, and Portugal this spring, French government bonds were deemed far safer. Of the big European economies, Britain seemed most at risk. Now, for the first time since 2008, the cost of insuring against default on French debt slightly exceeds Britain's. (The chart at the right tracks the price of five-year credit default swaps on $10 million of French and British debt.)

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