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
Via WSJ:
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.

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