Governments' budget woes are not caused by CDS, insiders say

03/2/2010 | (subscription required)

Market participants said sovereign credit default swaps, which have become the target of politicians and regulators, are not to blame for the fiscal problems of European nations. "Sovereign CDS spreads are of limited relevance to sovereign risk, especially for those countries able to service debt in their own sovereign currencies," said Robert Stheeman, CEO of the U.K. Debt Management Office.

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