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By Gillian Tett
Published: December 17 2009 18:42 | Last updated: December 17 2009 18:42
Until recently, not many western politicians "“ let alone those in Greece "“ knew much about sovereign credit default swaps. Even fewer cared.
But I suspect that is about to change. This year the CDS spreads on sovereign debt have swung sharply, as investors have turned to these products to hedge themselves against the danger of a government default (or quasi default). In the case of Greece, for example, the spread is currently about 240 basis points, compared with 5bp three years ago.
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