Relevant:
- Economic Rape of Europe Nearly Complete, Part I
- Fannie, Freddie Debt Deferral May Not Trigger Swaps
- Widening CDS spreads suggest future ratings downgrades of Saudi, Bahrain, Iceland sovereign debt
- Thinking the Unthinkable: Are the Markets Warning of a US Debt Default?
- Derivatives Overseer Rules Greek Debt Swap a "Credit Event," Leading to CDS Payouts
2012-12-15 — theautomaticearth.com
Europe is the epicentre of phase II of the credit crunch, from which waves of financial contagion can be expected to emanate for the next several years. Several member states are effectively at, or near, sovereign debt default, with the potential to trigger credit events in the credit default swap market. Banks are over-leveraged, often highly disproportionate in comparison with their host economies and intertwined with the sovereign debt issue.
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