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Whats Credit Default Swap means, and discuss the difference between the prices for Italy (ITA), POR (Portugal), GRE (Greece) , and US (the United States).

Whats Credit Default Swap means, and discuss the difference between the prices for Italy (ITA), POR (Portugal), GRE (Greece) , and US (the United States). Note that the prices quoted are in "Basis Points", which is one percent of a percent. Hence 100 basis points is one percent. Discuss about how you can make use of these Credit Default Swaps in managing a bond position.

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