Greece's liquidity and growing credit concerns with respect to the Portugal, Ireland, Greece and Spain (PIGS) sovereigns, has stirred rising concern about the potential consequences of a Greek shortfall for the European securitization market as a whole.

Unicredit analysts said that the concern is still very much theoretical and said that, for the moment, increasing risk aversion remains the only true link between the Greek debt malaise and any potential widening in ABS spreads.

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