It is 2013, five years after the start of a recession and two and a half years after so called financial reform legislation was passed. Yet, Too Big To Fail Banks have just gotten bigger, the financial system is still at risk and most of the disaster was buried in a mountain of bail out money.
In an article several months ago in the UK's Telegraph, the sovereign credit default swap market made the news. Until now, not that much was made of the sovereign CDSes; in fact, many didn't even realize the existence, and contagion, of such a market.
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