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EU frets over possible Greek default

09-14-2011 13:56 BJT

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Only one day after the Greek government revealed its austerity measures, Greek bond yields rose by nearly a fifth, to 117 percent. An increasing number of market players believe it would be difficult for Greece to avoid default.

The cost of insuring Greek bonds against default rose to a record high, after the country's prime minister failed to reassure international investors his country can survive the crisis. Five-year credit-default swaps on Greece soared by over 13 percentage points, to 4 thousand 821 in New York.

With reports that the probability of a Greek default in the next five years is 98 percent, European banking shares were unsurprisingly lower in early trading.

An increasing number of market players believe it would be difficult for Greece to avoid
default.

Editor:Li Wanran |Source: CNTV.CN

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