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Greek debt protection costs soar
The cost of insuring Greece’s debt hit a record high yesterday, after Moody’s Investors Service warned that its economy risks a “slow death” if it does not implement challenging fiscal reform measures. Greek Prime Minister George Papandreou however said he would not quit the eurozone or seek help from the International Monetary fund, further lowering investor risk tolerance. The cost of credit default swaps insuring Greece’s debt rose to 328 basis points yesterday, or $328,000 per year for five years to insure $10m in debt, from 281 basis points on Tuesday, according to CMA DataVision.