It is especially unclear how much individual states would lose under ECB-operated programmes if Greece were to default.
If Greece were to default on the IMF and then also leave the currency union, pinning down the precise losses to creditors will not be a straightforward task.
She said even if Russia were to default, trade with Russia accounts for 1% of US trade volume, and American banks have little exposure to Russian residents.
If the bank were to default before the markets opened on Friday, the effect on the repo and swaps markets would be chaotic.
If, on the other hand, Greece were to default on its debts, it might be forced to abandon its membership of the eurozone.
"If the medical center were to default -- and we don't expect it to -- it would cause a grave financial condition from which the county might not recuperate".
Of course, if a significant number of loans held or backed by Fannie Mae were to default, taxpayers would have to cover the bill.
The former is much cheaper, but if you were to default on payments or fall into arrears you face the prospect of losing your property.
"If, say Greece, were to default today, Germany and France would have to make good on their credit guarantees to the facility.
So if an issuer were to default, the $50,000 could be the total amount available to cover all claims, the report says.
The Haas group has even bigger challenges ahead, such as how to manage the criticism if a client were to default.
