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Forget what I typed about bonds and restart here:
The financial system has move(d) on f(ro)m loans to derivatives as means of financing.
Thus default would be on derivatives?
Well, states are still issuing bonds, but when it comes to loans, all kinds of public and private entities are financing themselves through bondsderivatives because those don't count as "debt". You thought that deal Goldman Sachs structured for Greece was a one-off?


Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Thu Apr 21st, 2011 at 05:24:36 PM EST
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