Testing euro exit scenarios

James Barty at Policy Exchange

The good news is that the default of Greece, which had been so long in the making, in the end passed off about as quietly as could possibly have been imagined. The European Central Bank (ECB) and others were sufficiently worried about the fallout from the default that they expended considerable energy trying to ensure credit default swaps (CDSs) were not triggered. I never believed this was a sensible approach, as many institutions were using CDSs to hedge their bond exposure, and the only

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