Greek default risk sets a new record, suggesting a 65% chance of default in 5 years
|Greek Spreads over German 10.450|
|Greek CDS spreads 1221.918|
These prices, which imply that the probability of a near-term credit event have increased, represent an increase of more than 6% on the day-earlier levels. On Thursday, the CDS levels implied a 65% chance of default over the next five years, or 22% sometime in the next year, according to Markit.