by Bespoke Investment Group
As shown in the first chart below, 5-year credit default swaps for Greece sovereign debt just broke to a new high this week.
This breakout has put default risk for Greece higher than that of Venezuela, which had been the most risky country of the ones we track for some time.
While talk of default here in the US has been escalated recently due to the childish back and forth in Congress about raising the debt limit, US CDS prices remain at low levels.
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