Wall Street Journal
October 26, 2011
As we pointed out yesterday, one of the most farcical elements of the European bond market tragedy has been the fact that according to the rules of the credit default swaps market Greece hasn’t defaulted on its debts even though investors won’t be getting paid back in full.
Nomura, however, is now predicting that the jig will soon be up and that CDS will end up being triggered.
This would probably fall into the “not priced into the market” category and the potential for all kinds of unknown ripples are out there...
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