Sovereign Debt Risk Surges in Europe on Restructuring Concerns
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The cost of insuring European government debt rose on concern the region’s most indebted nations won’t be able to avoid restructuring their obligations.
Credit-default swaps on Greece surged 66 basis points to 1,335, Ireland rose 20 to 630 and Portugal jumped 20.5 to 626, according to CMA. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments climbed 7 basis points to 185.