Ben Bernanke reckons it would be "a huge financial calamity". Bond markets remain sanguine about a possible failure to raise America's debt ceiling by August 2nd, and the subsequent potential for a technical default. But it pays to plan ahead, just in case the politicians lose the last of their marbles. Sifma, a trade group for large banks and fund managers, recently gathered members together to discuss issues like how to rewire their systems to pass IOUS rather than actual interest payments to investors, should a default occur. "It's one of those Murphy's Law things. If we do it, it won't prove necessary. If we don't, we'll be scrambling like crazy with a day to go," says one participant.
展开▼
