Greece, Portugal, Spain and other euro-zone countries are continuing to struggle with budget crises. Credit default swap prices on the debt of those countries as well as their major banks and even some companies are reflecting investors' concerns. Even stable euro-zone nations have seen their CDS increase. "The fact that market-perceived stalwarts such as Banco Santander are being scrutinised by the CDS market is reflective of the degree to which markets consider government support in assessing a bank's risk of potential default," according to Fitch Solutions.

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