Disliked... do serious if not terminal damage to the sovereign CDS market itself.
And, of course, the latter is likely to happen in any case. But that might not be such a bad thing, really. It would be kind of an 'emperor has no clothes' minute: implicitly believing that financial instruments of modern-day political, rather than economic, entities have to obey basic rules of finance is, at its core, absurd. This might just point that out to a lot of people.Ignored
the exotic swaps dealers can get in the dole line with the ratings agency guys...
"If The Fool persists in his Folly he will become wise." - William Blake