FRENCH DEFAULT PROTECTION COSTS HIT MULTIYEAR HIGH

The cost of insuring French government debt against default has climbed to a multiyear high, with 5-year sovereign CDS rising to 81 basis points.

Meanwhile, France’s 10-year yield spread over Germany widened to its highest since 2012 as fiscal concerns intensify.

UBS warns France’s proposed €43 billion in spending cuts and savings still fails to resolve its longer-term fiscal challenges.
(@WalterBloomberg)