CDSs VS. NCDSs

Credit Default Swaps and Negative Credit Default Swaps are one of the major causes of the financial crisis we are in, and in particular for a country like Greece since those who hold Negative Credit Default Swaps have been lobbying hard to force a default on Greece's debt by insisting on severe measures against Greece and lobbying Governments to up the interest charged on the debts that Greece owes, or on future loans they may wish to take out.

Negative Credit Default Swaps are held by major global financial institutions who have a vested interest in Greece defaulting on its debt as this would then result in those who hold the debt claiming from those who sold them Credit Default Swaps. Those who have placed bets on Credit Default SWaps having to be paid out (Negative Credit Default Swaps) gain substantially as their 'number will have come up' in the international financial lottery game.

So, if Greece defaults on its debts, those who hold Credit Default Swaps loose money. On the other hand those who hold Negative Credit Default Swaps will win.

If Greece doesn't default those who hold Negative Credit Default Swaps win, because they get the insurance premiums, but don't have to pay out on the policy. But if Greece doesn't default those who own Negative Credit Default Swaps loose!

So, who owns the debts, the Credit Default Swaps and Negative Credit Default Swaps? They are all owned by different parts and sometimes the same parts of the international financial system.

So, who wins if Greece deafults? Parts of the financial system

And who wins if Greece doesn't default, beacuse of austerity measures in other countries to underwrite the losses to those who own Credit Default Swaps? Parts of the financial system.

Who looses if Greece defaults? The Greek people- as their economy nose-dives even further into recession.

And who looses if Greece doesn't default, because of the sever austerity measures demanded by the financial system to get loans? Well, the Greek people and ordinary people across Europe and elsewhere of course.