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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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Selling More CDS on Europe Debt Raises Risk for U.S. Banks

Selling More CDS on Europe Debt Raises Risk for U.S. Banks | Countdown to Financial Armageddon | Scoop.it

U.S. banks increased sales of insurance against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the first half of 2011, boosting the risk of payouts in the event of defaults.

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Abolish Credit Default Swaps

Abolish Credit Default Swaps | Countdown to Financial Armageddon | Scoop.it

It's time to abolish credit default swaps and similar exotic, impenetrable, essentially unregulated securities. They add nothing to economic efficiency, they line bankers' pockets, and they add massively to global financial risks.

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