Cost of Insuring Greek Debt Soars To A New Record….Hmm, And They Said The Greek Save Was A Slam Dunk. We Ask This Question Again…..Why Would Anyone Ever Believe These Guys!

Posted By on April 26, 2010

BY KATIE MARTIN AND MICHAEL WILSON

LONDON—Hopes that Greece’s formal request for international financial aid might help stabilize the financial markets are proving short-lived Monday, with the cost of insuring Greek debt against default soared to a new record.

The euro also took a dive, after briefly rebounding from a 12-month low of $1.32 against the dollar Friday after Greece officially requested the financial aid promised last month by euro-zone finance ministers and the International Monetary Fund.

As Monday trading got off in earnest, though, concerns over the lack of detail on how this aid will be implemented shoved the euro below $1.33 against the dollar.   

http://online.wsj.com/article/SB10001424052748703465204575207662667002760.html?mod=WSJ_hpp_MIDDLETopStories

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