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What good is insurance that doesn’t pay off.
Sounds like the insurance companies that find any loophole to deny coverage on a medical procedure even if you’ve maintained your payments for years.
Po’
that has always been their motto..to escape payment in any industry
And what kind of insurance contract is kept on a balance sheet marked to market, because it trades freely?
I get this could have far reaching impacts on the industry as a whole, which is why I remain firmly of the belief that Greek default is nothing more than setting precidence going forward, but the Greek CDS trade was over a long time ago. The losses are sitting on banks balance sheets and anyone holding hedged Greek debt could have gotten over 0.95 on the dollar by just sellingn the CDS. If something major were to happen, it already would have.