Sovereign Credit Swaps Decline Ahead of Greece Confidence Vote
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The cost of insuring European sovereign and corporate debt fell on speculation the Greek government will pass a confidence vote tonight that will help it avert an imminent default.
The Markit iTraxx SovX Western Europe Index of credit-default swaps on 15 governments dropped 9 basis points to 215 at 12:06 p.m. in London. Swaps on Greece dropped 119 basis points to 1,883, according to CMA.