"This way of betting has systemic implications.
It was clearly a one-off, with no systemic implications.
The IMF is concerned by the systemic implications of the Argentinian ruling – and rightly so.
He added, however, "It need not follow that this risk-taking has ominous systemic implications".
If the elections lead to a government against the programme, or no government at all, the shock could even have systemic implications for the eurozone".
Nasser failed to devise a coherent educational strategy that paid adequate attention to the systemic implications and the fit between educational expansion and developments in other sectors.
This lack of leverage, among other factors, should "substantially reduce the likelihood that the failure of a hedge fund would have systemic implications," Mr. Baker said.
"Once you take a write-down on Greek debt for Dexia, this has systemic implications for the French and German banks," said Karel Lannoo, the chief executive of the Center for European Policy Studies in Brussels.
Big investment banks claim, with some justification, that their risk-taking is unnecessarily micro-managed by the FSA, which should focus more on the systemic implications of one of them going bust.
The report also notes that had A.I.G. defaulted the "systemic implications" — i.e., a global bank run — "might have made it difficult for Goldman Sachs to collect on the credit protection it had purchased" as well as liquidate its credit default obligations.
