From the info box on this story in the print edition of the WSJ article this morning: --- Q:There has been concern about a "credit event" that could trigger p

From the info box on this story in the print edition of the WSJ article this morning: --- Q:There has been concern about a "credit event" that could trigger payouts on credit default swaps, a type of insurance against default. Will this happen? A: Probably not. The deal for private-sector contributions is voluntary. If a deal doesn't bind all bondholders, it's unlikely to be considered a credit event. Q:What use is default insurance if there's a default and no payouts? A: Good question. It may lead to some soul-searching in the CDS market. --- So the financial instruments designed to insure against default are being bypassed by deliberately circuitous arrangements and language, to the point that people are wondering what they are even for anymore? That sure seems like strong evidence in favor of the OP's position.