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Holders Of U.S. Government Debt Draw Up Contingency Plans For Default

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October 08, 2013 AT 9:24 AM
By Jamie McGeever LONDON (Reuters) - No one expects it to happen, but everyone's making sure they're prepared for it. Banks, funds and asset management firms holding U.S. government bonds are drawing up contingency plans on how to deal with potentially the most cataclysmic financial and economic event of all - a default by the United States. The overwhelming consensus among all the firms contacted by Reuters is that Republicans and Democrats will come together at the 11th hour and avert disaster. But the closer Washington's budget funding impasse gets to preventing the country's $16. ...