The European credit default swaps market was in a state of confusion as Eurozone ministers announced that the scheduled EUR12 billion tranche of aid to Greece would be withheld until the approval of austerity measures by the country’s parliament. Greek Prime Minister George Papandreou survived a vote of no confidence, while Greek CDS reached a record wide level of 2,100 basis points on fears of a potential credit event. [In March, DI reported that Greece had triggered a credit event by restructuring its bonds, while last week, Antonis Samaras of the New Democracy party, was sworn in as Greek Prime Minister.]
