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Page last updated at 08:47 GMT, Saturday, 29 October 2011 09:47 UK

'Flawed' Credit Default Swaps explained

Credit Default Swaps, which protect investors from Greece defaulting, are redundant in the event of a voluntary default. John Kay, a leading economist, explains why authorities are so keen to prevent CDS's from being triggered even though Greece has already been asked to voluntarily have 50%.

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