Credit-Default Swap Risk Bomb Is Wired to Explode: Mark Buchanan
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Oct. 31 (Bloomberg) -- The European sovereign debt crisisstands as the latest in a long line of similar crises. Argentinain 2001. Russia in 1998. Mexico in 1994. The list goes back intohistory. Debt crises are about as natural as earthquakes, butthis time there is something different -- and possibly moredangerous.
The European nations are linked in a network of debts, asBill Marsh recently illustrated in the New York Times with abeautiful piece of graphic art. Greece and Italy are prominent;Ireland, Portugal and Spain lurk ominously nearby. France andGermany seem exposed, too, as does the U.S.