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"Credit derivatives do not create budget deficits, but credit derivatives facilitate the liquidity which enables governments to fund those deficits. Here too, any attempts to limit the ability of investors to hedge their sovereign credit risks, risks lowering market confidence, raising the costs of funding and ultimately the costs to taxpayers."

--Blythe Masters, global head of commodities at JPMorgan, speaks out in defense of the use of sovereign credit default swaps by market makers and end-users

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