Motivation8.1 Introduction8.2 Growth of Debt and Debt Dependency8.3 Foreign Exchange is a Credit Bestowed to a Sovereign Entity8.4 Credit and Global Risks8.5 Credit Risk, Credit Derivatives, and Credit Default Swaps8.6 Swaps8.7 Credit Default Swaps and Securitized Volatility8.8 Pricing Credit Risk8.9 Debt, The Merton Model, and DefaultReferences