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Despite 24% unemployment, Spanish households have an excellent record of not defaulting on residential mortgages.
In a presentation to the board, Mr. Roseman explained the risk, saying the bets hinged on the European countries not defaulting or the bonds losing substantial value.
The Hong Kong regulator is in fact more concerned about companies as single entities not defaulting rather than about the system as a whole.
In November, when the positions grew to nearly $5 billion, Mr. Roseman outlined the risks to the board, saying the bets hinged on the European countries not defaulting.
They have a shared interest in Greece not defaulting and thus not undermining the euro and destabilizing the international financial markets.
"To get the best mortgage from a lender, the client must show they have been through this education program, which betters their chance of not defaulting," she said.
Similar(42)
But the company has not defaulted on its loans.
President Fernando de la Rúa said the government would not default.
"NASA has responsibilities beyond exploration on which it should not default," Dr. Fisk said.
Trichet has also insisted that Greece will not default on its loans.
"Our call is that Argentina will not default on its obligations next year," Mr. Leiderman said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com