Perception of European credit quality worsens

The cost of insuring against default on European sovereign debt has surged, according to a report by Bloomberg.

1st November, 2011

Greece's decision to hold a referendum on its proposed bailout has alarmed investors, and pushed up the cost of insuring against default on European sovereign debt, according to new figures reported by Bloomberg.

The Markit iTraxx SovX Western Europe Index of credit-default swaps for 15 governments jumped 29 basis points at lunchtime today. This marked the index's biggest increase in almost four months, and signalled fears over credit quality among investors.

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