By William L. Watts
FRANKFURT (MarketWatch) -- The cost of insuring European bank and sovereign government debt against default rose Monday after a meeting of European finance minsters over the weekend made no progress toward resolving the euro zone's debt crisis. The Markit iTraxx senior financials index, which can be used to buy or sell protection against debt nonpayment by a basket of banks and insurers, widened to 283 basis points from 262 basis points on Friday, according to data provider Markit. The up-front spread on Greek credit default swaps widened by 3 basis points to 60.5, Markit said. That means it would now cost $6.05 million up front and $100,000 a year to insure $10 million of Greek debt against default for five years. The cost of insuring other European government debt agaisnt default also rose.
