Well it seems that European banks are trying to peel layers of southern European sovereign debt of their books; layer by layer. CDSs would be viewed as near worthless.
Should panic set in (remember that 50% haircut) banks will want to minimize their losses. Banks will try to get out of various holdings by any means they can. BNP, RBS, Commerzbank etc are all posting huge Q3 losses.
Bond dumping may become a new viscous EU sport.
Try a 75% scalping.
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