in combinazioni nuove che siano utili, forse.
Investors have taken out more insurance against default by Italy’s government than against any other country’s, according to DTCC, a firm that clears derivative trades. It reckons that credit-default swaps (CDSs), a form of insurance, cover a notional $23.7 billion of Italian bonds once offsetting contracts are netted out. Nine of the top dozen countries ranked by DTCC are in the euro zone. Italy ranks first partly because it has one of world’s biggest debt burdens. Thrifty Germany is surprisingly ranked third. Greece and Ireland make the list, even though their public bond markets are far smaller. The size of these CDS positions are explained by fragile public finances: CDSs are a way of betting on default as well as insuring against it. -The Economist-