At this point it's old news that the CDO market stumbled about in a stupefied-like manner for most of 2002. However, the size and depth of the CDO market is much larger in scope than just the United States. So what's happened to the overseas brethren?

As was the case in the U.S., European investors were scrambling around for a bottle of aspirin. But unlike the U.S., just how bad it was depends on to whom you ask.

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