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What are the repercussions of this throughout the financial system? Who are the holders of all that debt? These things are all interconnected, and therefore t

What are the repercussions of this throughout the financial system? Who are the holders of all that debt? These things are all interconnected, and therefore the people losing out on these loans will probably become insolvent, and then their investors will lose out, and on and on... I'm surprised everyone is so relaxed about this, or am I just not seeing the panic?

Arnt 5y ago
It's a lot of money, but not beyond experience. The size is between the two Argentine defaults and the Greek one. «While the debt is substantial, it’s probably not enough to cause a systemic problem for financial markets. That’s the view of International Monetary Fund Managing Director Kristalina Georgieva, who said last weekend that banks’ exposure is “not systemically relevant.”»