UN Aware of Greek Derivatives Risk as Weekend Talk Roils Insiders

What is the most important issue not being addressed in public surrounding the Greek sovereign debt default issue?

While some market participants think the Greek issue is something that is months away, a UBS research noted dated February 8 says that “crunch time” is actually approaching and the markets are underestimating the risks.

The report titled “Can Europe avoid a Greek tragedy?” was produced by the Swiss investment bank’s European research analysts, said “it is far from certain that contagion could be contained,” and noted that “outside pressure – in the form of financial and market dislocations – seems necessary to focus minds.”  The derivatives that underlie the