The defaulted and distressed, public and private debt markets in the United States swelled to a record $680 billion (face value) at the end of 2001. The market value of this quot;nichequot; segment was approximately $400 billion.Defaulted security investors enjoyed an excellent year on average,...

The defaulted and distressed, public and private debt markets in the United States swelled to a record $680 billion (face value) at the end of 2001. The market value of this 'niche' segment was approximately $400 billion. Copyright Banca Monte dei Paschi di Siena SpA, 2003