http://www.minyanville.com/businessmarkets/articles/todd-harrison-greece-economy-global-default/3/11/2010/id/27239
Because WHY?
Ironically--or perhaps coincidentally--the next story I read on Bloomberg offered that the crackdown of naked swaps in Europe will ring hollow without stateside sponsorship. European regulators could initiate a continent-wide ban on speculative trading of sovereign Credit Default Swaps tomorrow but it won't work without American participation in the plan.
My understanding of the EU, is that it's prime directive laws superseed those of the country. If this is an EU backed santion, then the UK is forced to comply, no matter what the UK bank wants to do.
What it will come down to is a power trip.
Is the EU a joke?
Or do the banks take a fall?
Either way SOMEONE is going down!
“Speaking as an ex-lawyer: Greece can "declare" whatever it wants but no one will care. If a fund in London buys a CDS from a bank in New York, and the CDS contract specifies it is governed by UK or New York or Delaware law–they would be insane to specify Greek law -- the Greek government has as much power to nullify the CDS as it does to nullify gravity.”
Karl has my drift I see.
This is going to get verrrrry interesting I think
Is that fear I sense
http://market-ticker.denninger.net/archives/2067-Is-That-Fear-I-Sense-CDS-Regulation.html
