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The best oxymoron I could think of...
Country default probabilities going up: Greece is in a bad shape, like Ireland, Spain, Portugal and Italy (PIGS)
City default probabilities going up: Milan, Birmingham (Alabama) are suing banks on the derivative trades they contracted in the past, which will be followed by loads of other cities if they win the case.
And last but not least, many companies that have been acquired by Private Equity funds: the big CLO default wave ...
Sit tight in your seats, and market timing using straddles will generate a wealth of profits, because volatility might be decreasing right now, but once the defaults will start, the VIX will hit the roof
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