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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Breaking News * Urgent * Telegraph: EU On Verge of Systemic Economic Collapse
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Poster Handle
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Luvapottamus |
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Post Content
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This will be great for the US dollar and US markets. Not so much for EU though. Thanks god we were able to shift the burden of our mortgage collapse overseas. Genius.
Quoting: Anonymous Coward 1196210Er... do you have any IDEA just how exposed US banks are to a Eurozone collapse? I think its in trillions... [ link to streetlightblog.blogspot.com] '...2. The aggregate CDS exposures of the big US banks are certainly large enough to be plausibly consistent with the BIS estimate of about $100 bn in indirect exposures to peripheral Europe. If you add up the highlighted numbers (and make a guess at Citi's position), it seems reasonable to guess that the total net open positions on CDS protection sold to third parties by the big US banks is between $1,500 and $2,000billion. Attributing $35 bn of that (about 2%) to Greece, which has certainly had one of the most active markets (proportionally) for CDS contracts over the past year, doesn't seem to be a stretch...'If the Eurozone goes down, so do you. It's all one big speculative debt circle-jerk. Look towards Iceland for the example of what to do.
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