Experts on credit derivatives told a House subcommittee that credit default swaps did not cause or worsen Greece's debt problems. Instead, CDS helped financial markets realize the depth of Greece's crisis, they said. "The Greek crisis is the result of massive government spending and debt issuance to fund the spending," said Anthony Sanders, a finance professor at George Mason University. "In fact, CDSs on Greek sovereign debt actually served a positive role: It alerted everyone around the globe that Greece was in a credit death spiral."

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