From Zero Hedge:

Columbia's Charles Calomiris, who predicted the Argentina sovereign debt crisis, was on Bloomberg TV spreading some more logic, first as pertains to those satanic monsters better known as CDS traders with the following piece of brilliance - "the CDS market always requires two parties in any transaction."

This is something that everyone tends to forget. Unlike stocks or cash bonds, where the whole concept of Zero Sum is somewhat murky, in derivatives it is precisely that - one man's loss is another man's gain - no exceptions. Why is nobody scapegoating those traders who enable the speculators to exist?

... Second, Calomiris says that the next country to fall after Greece will be not Spain, but Italy - the reason...

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More on the debt crisis:

Legendary trader Gartman: The euro is "doomed"

Doug Casey: European Union is going to implode soon

Jim Chanos: "Hedge funds are being demonized for the failings of governments"