Starting this week off higher as equity markets sag.
Systemic risk in the eurozone remains elevated.
Wide spreads in the US, UK, Sweden, etc. show markets misunderstand the risks of governments with their own non-convertible currency and floating FX policy.
SOV CDS Indicative Levels
| Country | 5yr CDS/10yr CDS | Change | Curve | Euro/USD |
| Austria | 260/278 | +5 | -20/-5 | 8/16 |
| Belgium | 142/156 | +5 | -10/-2 | 4/11 |
| Finland | 85/95 | +3 | -3/0 | 4/9 |
| France | 91/98 | +3 | -4/0 | 4/9 |
| Germany | 88/94 | +3 | -4/0 | 5/9 |
| Greece | 260/272 | unch | -25/-8 | 8/15 |
| Ireland | 348/368 | unch | -30/-10 | 8/18 |
| Italy | 195/205 | unch | -12/-2 | 7/10 |
| Netherland | 127/134 | unch | -8/0 | 5/12 |
| Norway | 55/65 | +5 | -2/2 | n/a |
| Portugal | 133/143 | unch | -12/0 | 7/12 |
| Spain | 150/155 | unch | -8/-1 | 7/12 |
| Sweden | 140/155 | unch | -8/-1 | n/a |
| UK | 152/162 | unch | -8/-2 | 6/12 |
| US | 88/98 | unch | -4/0 | 3/6 |
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