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What the Latest CDS Spreads Show about EZ Concerns
The euro has weakened this morning on fresh concerns about Ireland and Portugal who is scheduled to have an austerity vote this week. The following table of 5 year CDS spreads show that spreads of Portugal and Ireland have widened materially, reflecting a greater risk of a bailout. Ireland’s CDS spread is nearly 3 times the amount of Spain’s and Portuguese spreads are more than double. I included the UK, Germany, US and Japanese numbers for reference