2009-08-08nakedcapitalism.com

"...California is being deemed a worse credit risk that Russia. Of course, that view would change quickly if oil prices were to decline sharply, as some observers like Philip Verlegger predict. But this isn't a fluke. Many emerging markets credits now have CDS spreads below that of many states and New York City. "



Comments:

tvsterling at 20:25 2009-08-09 said:
On the other hand we have lots & lots of tanks, aircraft carriers & nukes. What are the basis points for those? Permalink

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