Uh-oh. Here comes the real pain.

On Sat, Oct 4, 2008 at 11:16 AM, Gruss wrote:

> Iceland: When Too Big To Fail Becomes Too Big To Rescue
>
> [snip, snip]
> Fast-forward to today, and Iceland has indeed bailed out Glitnir. But
> here's the thing: Iceland's credit default swaps are now suggesting
> that the sovereign itself is a distressed credit.
>


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