Sovereign European CDS Levels

This is a small "derivative" (Pun Intended) follow up to an earlier piece on US CDS pricing.

http://tradersutra.blogspot.com/2010/02/fruitless-story.html

As well as a follow up to this piece:

http://tradersutra.blogspot.com/2010/02/cruel-twist-of-fate.html

Here are some updated CDS levels on Sovereign European Debt:

Portugal = 225 Up 30
Italy = 150 Up 20
Ireland = 170 Up 10
Greece = 410 Up 22
Spain = 170 Up 19

Funny thing here is again the debt markets in those respective countries are not getting hammered. Rates are up but not aggressively so. What is really happening here is counterparty risk. These sharp CDS moves are just hedges that are being put in place by investors looking for protection.

I always find it very amusing that the leaders of these countries are all telling the rest of us that things are OK. Trust us. Hmmmmm. Is this not what Dick Fuld (Lehman) and Mr. Schwartz (Bear) also told the public? I am trying to find out from Austin Powers if the rumors that Dick Fuld is prepping the Gyro Makers what to say before they actually default is true.