For you guys who have been around longer than me and seen more, what's your take on the size, complexity, and dangers of the market for sovereign debt? Could sovereign debt instruments issued by Greece and it's lackluster counterparts have been structured into complex CDS like products, and have a systemic risk on the global markets? Mortgage backed securities accounted for ~25% of the US bond market before the recession, but about 21% of the bond market is municipal in the US. I'm curious if anyone has numbers for the rest of the world.
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