“The world economy may soon find itself in the hands of a small group of bankers who must make a seemingly technical decision that has huge ramifications.”

“As European government leaders reached a deal early Thursday on a plan for containing the debt crisis in Greece and other nations, they looked for the owners of Greek bonds to take a significant reduction in what they are owed — as much as 50 percent. That prompts a key question: Will that officially count as a “default” for purposes of the massive market that allows investors to insure against those losses?”

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