"I always thought buying CDS protection on the U.S. was a complete waste of money because if the U.S. defaulted, you'd never find a counterparty who would pay you," said Gary Jenkins, head of fixed income at Evolution Securities in London. "However I was wrong, because this is the one scenario where you should definitely be paid out."
U.S. Credit Swap Trading Soars 80% As Debt Deadline Nears
July 28, 2011
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