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Derivatives Cloud the Possible Fallout From a Greek Default
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Gross exposure for derivatives, credit default swaps and other financial instruments tied to a default in five EU countries- Greece, Portugal, Spain, Ireland, Italy- is about $616 billion according to information from Markit, the Bank for International Settlements and and data firms. Christopher Whalen, editor of the Institutional Risk Analyst, says the financial industry is not cooperating to provide the information needed to understand the true extent of the exposure and the risks involved. This is why the Europeans are afraid of a default, he says, they have no idea what to expect out there. Darrell Duffie, Prof. at the Stanford School of Business, says this raises questions whether regulators know what contagion might occur among swaps holders.
Risks posed by credit default swaps and derivatives in the event of a default in Greece or other stressed EU countries- 2011-2012
06/22/2011
The total credit default swaps, derivatives and financial instruments for a default in 5 financially stressed EU countries are estimated at $616 billion based on information from Markit, the Bank for International Settlements and data firms. Systemic risks are posed by this and by any surprises that are not visible to regulators at this time. These fears affect Europeans response to the debt problems, as they have no clear idea of what to expect out there.
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