The default is due to the disagreement between Argentina and the creditors. Market will not crash due to known problem. This will be a good opportunity to buy into the market if you have missed some boats lately. We will buy into the market and long a contract on August today. If there is first to default is always US.
We continue to like L&G, MNRB, MBSB, KAWAN and buy on any dip. We maintain our view that no major crashed is expected in 2014 with known issue unless otherwise.