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I actually think a model in which CDS can be bought and sold freely but you can only collect the CDS payout by delivering a defaulted bond, would "work" because it would satisfy the needs of both "credit hedgers" and "credit-spread-market hedgers".

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Mon Mar 12th, 2012 at 05:41:42 AM EST
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