The cost of insuring Greek debt has hit an all-time high as credit default swaps on the 10-year Greek government debt jumped 30.5 basis points to 468.5 or 4.68%.
A jump in the cost of the CDS is due to delays in European talks on the subject of aid for Greece, according to Bloomberg. EU and IMF leaders and officials were originally supposed to convene in Athens today to discuss how to handle aid for Greece. Instead, the meeting was pushed back to April 21st as travel restrictions related to the Icelandic volcano ash prevent officials from flying throughout Europe.
Greek officials like Prime Minister George Papandreou are no doubt hoping the volcano ash will subside sooner than later as his country has up to $61 billion in aid on the line. Perhaps officials can hitch a ride with Google in the time being?
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