Witnesses examined the effect of credit default swaps on government debt and the potential implications of the Greek debt crisis. The committee examined important policy questions that have arisen from the Greek debt crisis. Some, particularly in Europe, have raised questions about the accuracy of disclosures of government indebtedness and the transparency of credit default swaps on these obligations. This situation could lead to repercussions for the European Union and the global economy. This hearing began the process of determining what impact the lack of transparency and those products have had and what Congress can and should do to bring stability, transparency, safety and soundness to the global financial system.