Amazing how the cost has spiked even higher than the worst we saw at the pinnacle of disaster in late 2008. CDS pricing to insure against default on the sovereign debt of the PIGS are skyrocketing.

The chart below provides a good view of just how bad it really is. Not a pretty picture…

Those that are in line to bail these problem countries out are going to have to pay up dearly, one way or another.

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