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First, Greece's credit rating is low Bs last I saw.

Second, the bankers I thought were fighting against transparency in the credit default swap market. They want to keep the deals private. So, how would anyone know what's out there?

Third, Greece had 100% debt to GDP for the last decade. Nothing changed. So, what was cooking in those Greek books, I wonder?  Seems to me they've had the same level of debt, and the only change is that the market is now illiquid and risk averse (i.e. no one is lending to Greece).

I want to get to the bottom of this cooked book idea because it hides a lot of things.

by Upstate NY on Mon Apr 26th, 2010 at 10:14:13 PM EST
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