The job is even tougher because the documents governing a CDO are vague and contradictory about when the different tranche holders get paid--and how much--if it defaults.
Greece's long-running economic woes have shaken global markets and led to fears the country could crash out of the eurozone single currency if it defaults on its debt.
If the United States government, for the first time, cannot pay its bills, if it defaults, then the consequences for the U.S. economy will be significant and unpredictable.
If there is a plan it is to play for time, to strengthen Europe's banks and to erect a firewall around Greece if and when it defaults.
If Italy defaults, it would trigger an even bigger crisis than the landslide traders have been expecting following a Greek default.
However, more and more market-watchers think that is a price worth paying if it helps avert an avalanche of defaults.
The story goes that if Greece defaults on its debt it would have such a devastating effect on the European financial system that an economic recession in Europe would be unavoidable, and would spread globally.
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Which actually works both ways: the political classes here in Europe seem to think that if a country defaults on its debts then it has, de facto, broken the euro.
If the customer defaults, the pawn broker keeps the item and sells it to satisfy the loan balance.
The phone defaults to Wi-Fi but will place the call over Sprint if it decides the Wi-Fi connection isn't good enough, or if you manually choose cellular.
Actually, it remains at risk if the global economy continues to slow, which could lead to a string of defaults and another leg down in what has been a lackluster housing market.
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If, like the Donald, you are used to being involved in defaults in the billions, one surmises it would be easy an easy transition to the concept of owing trillions as the United States has now done.
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