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$437 Trillion in Interest Rate Swaps: Many Countries Face Sovereign Default

03-07-2010 • EconomicPolicyJournal.com

"Any credit event could trigger a cascading event, It does not have to be default; it could be a downgrade in swap contracts that would do the trick for a collateral call. Something is going to cause it to topple, whether it's a situation in Dubai, Greece or New Jersey." "The next 12 months could be very dramatic for the Eurozone," Robert Chapman, publisher of "The International Forecaster," told NyPo. " I am seeing many sovereign defaults for the PIIGS as well as in Eastern Europe and the former Soviet satellite countries running into 2011," Chapman added.

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