CDS lessons from the emerging markets
Eurozone politicians are pushing for a ban on naked sovereign credit default swaps (CDSs) – but the eurozone CDS market is relatively young. In emerging markets, where it has a longer history, CDSs are sometimes the hero, sometimes the villain – and mostly an innocent bystander. Duncan Wood reports
Days before the start of the football world cup, Hungary’s new governing party scored a spectacular own goal. Exaggerating the failings of the old administration, apparently for domestic political gain, two senior officials insisted the country was facing a Greek-style debt crisis and warned a default was not out of the question. By June 5, an outpouring of sceptical comment from analysts and economists had forced the government to admit it was hyping the problem – although not before the euro
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