The EU could be in for some Lehman-style chaos due to the "complex web" of credit protection...

|By:, SA News Editor

The EU could be in for some Lehman-style chaos due to the "complex web" of credit protection they have created: banks have sold €178B worth of CDS on GIIPS bonds to each other and tried to hedge this by buying €169B worth. At least 38 banks are involved, with Deutsche Bank (DB) on top, selling €37.4B and buying €34.5B.