To put into perspective the 420 bps level of 5 yr Greece CDS, it is now just 55 bps from debt plagued Dubai and well above the following credits, Bulgaria (255 bps), Croatia (234 bps) Egypt (250 bps), Hungary (243 bps), Kazakhstan (210 bps), Lebanon (247 bps), Romania (250 bps), Russia (192 bps), and Turkey (196 bps). It remains though more than half the level of Venezuela (1038 bps), Argentina (1032 bps) and Ukraine (923 bps). The US trades at 43 bps, UK at 84 bps, Japan at 88 bps, Germany at 35 bps and the other stretched European sovereign credits such as Italy trades at 122 bps, Portugal at 169 bps, Spain at 135 bps and Ireland at 147 bps.
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