RIO DE JANEIRO, BRAZIL - El Salvador's sovereign credit is multiple times worse than it was, according to Bloomberg data. Credit default swaps measure the cost of insuring against a country defaulting on borrowing repayments at any time in a specified period.
The nation's CDS is second highest in Latin America, behind Argentina.
While IMF, World Bank & traditional market analysts were quick to call out El Salvador's supposedly suicidal decision to adopt bitcoin as legal tender and invest in the top cryptocurrency as the reason for the spike in the country's CDS, the recent U.S . . .