If the ISDA determines a credit event to be a default (Greece's haircut) then it will cause the bankrupsies of the 5 largest banks in the US?
Sinclair has it down to a fine art, make up fictions that are so incredible they sound reasonable to readers who have never ever in their lives been involved in a CDS, have zero insight into them, so whatever he says cannot be challenged by his readers,
CDS are contracts between willing counterparties ,. if all parties decide they dont want to call it a default then its not a default
Contracts have been varied since god was a boy nothing exceptional about that
Why would a Greek default cause the colapse of US banks when the money is owed to German and French banks?
