September German bund contracts reached a record high at the outset of European trading before the focus shifted away from default and onto a rally for equities.

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He will start his hedge fund in Singaport and focus on Japanese corporate bonds and credit-default swaps.

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But if you want to fret over the next financial catastrophes, turn your gaze away from energy futures and focus on something far more obscure: credit default swaps.

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Focus is on whether the EU leaders can provide help so that Greece will not technically default on its debt obligations, or whether some level of default will occur with Greece, and will be acknowledged by the EU as going to occur.

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And presented with that fact, we have, with great focus, worked with and negotiated with Congress to try to get a deal that ensures that we do not default, that we maintain the full faith and credit of the United States government, and that we address the need to reduce our deficits and get our debt under control.

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Focus is now on whether the EU leaders can provide the help so that Greece will not technically be flagged for default on its debt obligations by the major credit agencies.

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