``Everyone is acting as if the International Swaps and Derivatives Association (ISDA) has issued a ruling on on whether 50% haircuts forced at gunpoint are "voluntary", but there is no official ruling yet, only hints... Will the ISDA be willing to risk the CDS market on sovereign debt for a lousy $3.7 billion? I believe it won't if the "Derivatives King" (JP Morgan) and a few of the other big boys decide it is in their best interest to take a small hit now to prevent killing a lucrative market.''

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