Iceland’s Credit Default Swap Shoots Up Skip to content

Iceland’s Credit Default Swap Shoots Up

The credit default swap (CDS) of the Icelandic state rose quickly after President of Iceland Ólafur Ragnar Grímsson announced his decision not to sign the new Icesave legislation on Sunday and instead send it to a national referendum.

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President of Iceland Ólafur Ragnar Grímsson announcing his decision on Sunday. Photo by Páll Stefánsson.

According to the Markit iTraxx index, Iceland’s CDS is currently at 281 points, up from its lowest point this month of 224 points, visir.is reports.

Iceland’s CDS has now again surpassed that of Spain, which is currently at 254 points. The CDS of the Icelandic state peaked at 366 points in early January but had dropped gradually until the president’s decision on Sunday.

Click here to read more about Icesave.

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