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EU investigates credit default swaps

Date: Tuesday 02 Mar 2010

The European Union says that it intends to investigate trades in sovereign credit default swaps.

This has been prompted by the Greek debt crisis and the markets' reaction to the problems. CD swaps pay up if the relevant country defaults on its debt.

“We’re working on the fundamentals of derivatives, to understand who does what, and in CDS we’re looking at the aspect that relates to states,” syas EU financial services commissioner Michel Barnier.

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