Those pesky derivatives have come back to bite: ISDA: Greek Debt Restructuring Triggers CDS Payouts [1]. Since CDS contracts are measured in many billions of dollars, the counterparty risk is huge. As previously mentioned, they are calling this default a “credit event”, since it sounds more gentle and palatable for the sheeple. (Thanks to C.D.V. for the link.)
U.S. to sell $6 billion in AIG stock [2].
What does an America with no middle class look like? [3]
Items from The Economatrix:
Consumer Borrowing Nearly At Pre-Recession Level [4]
Why Job Growth Might Mean Unemployment [5]
Oil Up On Greece Hopes [6]
You Won’t Believe The Real Inflation Rate