The sovereign state

"Credit default swaps are required to determine default probabilities of debt," says a spokesperson for the CDS data and analytics firm CMA. "Even for established and secure economies there is a default probability that is not zero. You need to calculate default probabilities for a variety of trading and risk management functions and CDS are one of the few tools that you can use to do this." None of this is controversial, but is the cumulative probability that the US will default on its debt

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