The European Commission's comments that certain member states have failed to adequately address their fiscal deficits were followed by a widening of spreads on European sovereign credit default swaps. Greek CDS spreads saw the largest movement. German Chancellor Angela Merkel's statements that Greece should not rely on a rescue from the EU were seen as a contributor to the situation. Meanwhile, spreads on other sovereign swaps, including those on Italy, the UK and France, also widened.

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