At Congressional hearings on Thursday, Dr. Anthony Sanders pointed out that the CDS market actually served to warn us of the depth of the crisis with respect to Greece. More about this here.
For those of you not familiar with Dr. Sanders, he's a leading expert on mortgage-backed securities and collateralized products such as CMOs. He's also a contributor to Fabozzi's Handbook of Fixed Income Securities. He probably knows what he's talking about!
Finally, Dr. Sanders' home page is here.
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