Commerzbank CEO Martin Blessing calls for the sovereign CDS market to immediately be shut down,...
Commerzbank CEO Martin Blessing calls for the sovereign CDS market to immediately be shut down, figuring if a 50% haircut on Greek debt doesn't trigger CDS payments, what will? "Government bonds cannot be effectively insured against default," he laments. Policymakers look to have been too smart by half. The rout in EU sovereign debt rose to a new level within hours of the Oct. 27 deal that enshrined bondholder losses while cleverly not triggering CDS payouts.
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