Thus many of the airlines that had hedged their fuel consumption when oil prices were higher built up huge notional debts to banks, even though no money was due to change hands until the contracts reached the end of their lives, by which time oil prices could have risen again.
But if Athens can fix its finances enough to run a notional budget surplus without debt payments, then economists can calculate how much debt it can actually afford to pay, and restructure the rest.
"I think there's some truth in that," he agrees, though suggests there's a psychological reluctance to take on debt, however notional, among the less well-off.
KBC, a bailed-out Belgian firm, still has some €25 billion ($36 billion) of notional exposure to collateralised-debt obligations, although it says these are largely written off or covered by a specific state guarantee.
It had also purchased such contracts on those nations' debt with a gross notional value of $147.3 billion, the filing said.
DTCC puts the notional value of CDS contracts on American debt at $9 billion, barely 0.1% of the total amount of publicly held debt.
There are demands for a write-off, as well as for Russia's debts to the West to be offset by notional loans made long ago to Soviet satellite states such as Vietnam, or by the energy debts accumulated more recently by nearby countries such as Ukraine.
George W. Bush and John McCain seemed to be neck-and-neck in South Carolina, the next primary state.See article: How McCain does itPresident Bill Clinton sent Congress a $1.84 trillion budget for fiscal 2001, proposing to use the (still notional) surpluses to expand health care, pay off the national debt and increase spending on defence.
Namely, when a triggering event occurs, a holder of swap contracts with a notional value beyond 5 percent of the reference entity's outstanding public debt would have to disclose their entire credit-default swap position.
