Don't Look Now, But European Bank CDS Are Starting To Head Wider

Even though the Spanish Prime Minister announced the end of the eurozone sovereign debt crisis this morning, banks in Italy are under severe pressure. Banks in the UK, outside the eurozone, are also under threat.

CDS on banks’ debt in both countries has spiked in the past 24 hours.

Italian Bank CDS

And UK bank CDS, note the sharp moves in Barclays.

UK Bank CDS

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