Charlie,I wouldn't dare buy or sell on such speculation. But, I do think anyone interested in the J.P. Morgan (or other big bank) bonds, should look closely at how much Brazilian, Argentian, and other World Bank, etc. debt they hold. I may be wrong, but the failure of the banks to renogotiate high interest loans to these countries is likely to backfire. I'm not sure what exactly Argentina has to lose if it defaults—no new foreign capital? It's kind of like telling someone who has been seduced by easy credit into huge debta at usurous rates on credit cards that declaring bankruptcy will hurt his or her credit rating.
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