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Sunday, 22 January 2012

Greek default will not be a default.

The impending Greek default will not be deemed a default:

 "The credit event about to occur in Greece will not be deemed a default because the largest 5 US banks carry 97% of the so-called insurance, credit default swaps, therefore if Greece defaults (a credit event condition determined by an organization made up of major US banks and investment houses) those banks would be hammered into financial hell",  according to Jim Sinclair's blog posting (22 Jan, 2012), which I acknowledge.  Also see The Telegraph's "World Bank fears Europe's crisis could set off deeper global slump than Lehman collapse".

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