The Risk of Default by the UK has Risen 98% In the Last Month

The amount of credit default swap wagers betting that governments will default on their obligations was stunning a month ago: more than 1 trillion dollars.

In the last month, things have gotten even worse, and some major Western economies are getting hammered by CDS.

For example, over the course of a single month, the UK’s default risk has risen 98%. It has increased even more for Ireland (114%) and Austria (105%). America’s default risk has risen by 68%.

Bespoke Investments notes “Default risk has risen [over the past month] for all but two . . . countries (Lebanon and Argentina).”

Bespoke prepared the following chart to make its point:

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