European Bank CDS Spiking, Irish Crisis Contagion Is Only Part Of The Cause

The Irish crisis, and broader worries about the eurozone, are leading to higher costs to insure the debt of European banks.

RBS is under pressure this morning from its position in Irish sovereign debt, worth €49 billion. It’s shares are down 3.21%.

But it’s not just Ireland markets are concerned about. The spreads on sovereign CDS for Spain and Portugal are continuing to widen, suggesting this is more about market trust for the ECB than anyone country.

From CMA Datavision:

Banks 1111

Photo: CMA Datavision

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