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But it does not take so much to do great damage. Morgan Stanley has written about $40 billion in CDS for French banks and that is several times the value of their equity. How many US banks could withstand HAVING to write off 80% of a $40 billion debt? And how likely is it that only two or three banks would be affected?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Dec 11th, 2011 at 11:13:27 AM EST
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