Originally posted by Freamon
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Previously on "Greece on verge of breakthrough in deal to cancel 70% of debt"
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Originally posted by AtW View PostCDS should have been illegal in the first place - it's like it should not be posible to insure criminal acts or get guarantee of success: if it wasn't for this tulipy thing lots of schemes would not work because risk would have to be born by whoever got into it without any illusion of insurance making it suddenly AAA asset.
Perhaps any insurance related to financial instruments should be banned - plenty of money to be made in ripping off car motorists.
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CDS should have been illegal in the first place - it's like it should not be posible to insure criminal acts or get guarantee of success: if it wasn't for this tulipy thing lots of schemes would not work because risk would have to be born by whoever got into it without any illusion of insurance making it suddenly AAA asset.
Perhaps any insurance related to financial instruments should be banned - plenty of money to be made in ripping off car motorists.
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Originally posted by BrilloPad View PostAbsolutely - but if they have sold the CDS they are probably not bondholders? Doesn't the greek government negotiate with the bondholders?
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Originally posted by Freamon View PostCDS are zero sum - a lot of other financial institutions will have sold CDS, so would rather Greece didn't trigger an event of default.
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Originally posted by Freamon View PostCDS are zero sum - a lot of other financial institutions will have sold CDS, so would rather Greece didn't trigger an event of default.
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Originally posted by BrilloPad View PostIMO default should be decided by whether or not the CDS pays up. Alot of financial institutions will be hedged with CDS so would rather a default went ahead.
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Greek debt deal hits setback as talks suspended
Crucial talks over a debt deal between lenders and the Greek government were suspended over the weekend as the representative of bondholders flew out of Athens empty handed.
Greek debt deal hits setback as talks suspended - Telegraph
What a suprise....
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IMO default should be decided by whether or not the CDS pays up. Alot of financial institutions will be hedged with CDS so would rather a default went ahead.
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Originally posted by d000hg View PostYes but Sas staked his reputation on it being a default not "practically nearly a default", so wouldn't you rather hang him out to dry?
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