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.
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