BNP Paribas Sold $2 Billion French Swap, EBA Says

http://www.bloomberg.com/news/2011-12-09/bnp-paribas-sold-2-billion-swap-protection-on-france-eba-says.html

“Some of this is trading rather than pure hedging,” said Gary Jenkins, head of fixed income at Evolution Securities Ltd. in London. “If European counties [sic] the size of France or Italy actually defaulted and triggered CDS, there would be total carnage and meltdown. It would be the end of the world, and at that stage it’s likely your counterparty would be the least of your worries.”