Monday, July 19, 2010

Someone Else's Default

No wonder Moody's downgraded us - via Calculated Risk:

It seems that in the 'Really Bad Scenario':
...45% of the countries with large outstanding sovereign debts are in default within a 2-3 year period. ...The total debt in default reaches $15.3 trillion, and almost half of all outstanding sovereign debt is in default. The losses are $10.5 trillion at the low end recovery rate of 31%.
Though as the author re-assures us, this isn't the worst case scenario...

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