Derivatives and the Eurozone Crisis

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There are many questions about the impact of the financial crisis in Greece. It may impact banks, who are on the hook for the debt, and it may impact the finances of governments and their internal politics in many ways. These issues are pretty well understood. Since credit default swaps, and other derivatives are unregulated, nobody knows how that will play out if there is a default. Governments have been unable to pass laws that regulate derivative trading, despite the lessons from the financial crisis.