CDS on Greek debt has surged this morning due to comments made by the country’s Prime Minister suggesting he might retreat from some austerity measures. Mohamed El-Erian’s comments from two days ago suggesting Greece will default in three years may also be having an impact.
The result of the stress on the government’s bonds and CDS prices is an increase in Greece’s CPD, or cumulative probability of default, to 47.33%, according to CMA Datavision.
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