LONDON (MarketWatch) -- Ongoing worries about Greece's debt load and fears problems could spread to other indebted euro-zone countries drove up the cost of insuring Greek, Portuguese and Spanish government debt to record intra-day levels on Monday, according to CMA DataVision. The spread on five-year Greek credit default swaps traded near 703 basis points after trading at more than 713 basis points in earlier action. That's up from around 615 basis points late Friday. That means it would cost $703,000 a year to insure $10 million of Greek debt against default for five years. The Portuguese CDS spread rose to 305 basis points from around 279 basis points on Friday. The Spanish CDS spread jumped to 186 basis points from 174 basis points, CMA said http://www.marketwatch.com/story/greek-portuguese-spanish-cds-spreads-hit-records-2010-04-26
This news seems pretty much worthless to this propped up market, one day though it will mean something, until then its up, up and away for the ever climbing markets.