Banks, asset managers and treasury traders are all buying default insurance on already purchased Greek debt.
Companies (non financial) are hedging against EURO weakness (buying put options), this all occurring on mass. As investors deep down know that Greece is heading towards a default trigger on everything. So credit default swaps are been bought by lenders as a protection from a widespread asset collapse.
A Greek default scenario looks very certain. Watch gold, USD, Yen on risk aversion buys.
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