The study looked at how efficient the market for sovereign default swaps is in the Eurozone countries during the financial crisis. They found that the price discovery process for these swaps worked well, even during the crisis. However, some countries like Greece, Portugal, and Italy had persistent uncertainty in their sovereign risk. The researchers also found that changes in the prices of these swaps could affect the risk premiums for these countries. Additionally, there were spillover effects among Eurozone countries in terms of how their swap prices changed together.