http://www.fins.com/Finance/Articles/SB126599122951844971/Credit-Default-Swap-Surge-Will-the-Notorious-CDS-Lead-a-Finance-Recovery?Type=0
This is just a very good article about credit default swaps and it is clear and well written.
I do believe as its has been point out in the article that derivatives will play an important role in the step to achieve recovery. The ability to control risk by strong and smart risk management tools.
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