Cirio, another big Italian food company, defaulted on securities about a year ago, and its founder and chairman, Sergio Cragnotti, is under investigation on fraud charges.
— Chris Van Hollen, a Democratic congressman from Maryland "Whether default is on securities, or on obligations to Medicare recipients, it's a default of some kind".
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In the catastrophic event that a debt limit impasse were to lead to a default on Treasury securities, financial markets could be shaken to their core as was seen in late 2008," the Treasury said.
Keep in mind also that the Treasury really has no choice but to wait until the last possible minute to begin delaying payments or default on Treasury securities, because it is always possible that Congress will act at the last possible moment.
The credit default swaps written by American International Group are clearly insurance since they are a contractual obligation by A.I.G. to pay should there be a default on a security.
The banks that did business with A.I.G. bought credit insurance to protect against possible defaults on debt securities they held or had underwritten.
Crucially, the new bonds will be governed by English law, unlike the old ones, and will thus carry more legal protection if Greece has to default on these new securities.
While some of the payments disclosed were run of the mill obligations for an insurance company, the $52 billion that was used to satisfy or exit credit default swaps, insurance contracts on securities, are at the center of a growing storm of controversy.
