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Evolution Securities Warns Of "Total Carnage And Meltdown" As European Bank Sales Of CDS On European Sovereign Debt Soar

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Credit Default Swaps
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Europe is now the new AIG. European banks are buying massive amounts of credit default swaps (CDS's) on the sovereign debt of their own countries. Put simply, European banks, in order to generate modest cash flow to plug large capital shortfall holes, have been selling trillions of dollars of CDS's that can't ever be paid. It was precisely this behavior that destroyed AIG when the illusion of the credit bubble burst.

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