Below is a table highlighting current credit default swap (CDS) prices for the sovereign debt of 38 countries. The CDS prices represent the cost per year to insure $10,000 of debt for 5 years. The US CDS price is quoted in Euros. The list is sorted by year-to-date change, and as shown, default risk in Russia and Australia is down the most in 2009 at -77%. US default risk is down 68.1%, which is the most of any G-7 country. Japan is the only country that has seen default risk actually rise in 2009, but it also had the lowest CDS price of any country at the start of the year. Overall, while CDS prices are down sharply in 2009, they remain well above where they were at the start of 2008, so there's still plenty of recovery work to do.
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