Deutsche Bank has, according to the FT, warned that:

Credit rating downgrades of troubled bond insurers could trigger a potential financial "tsunami" that could be as far-reaching as the subprime mortgage crisis

I have mentioned this before. I think the risk is enormous.

And it's not a coincidence that a lot of the crap debt is in the unregulated, secret world inappropriately called offshore. The secrecy jurisdictions that make up the tax havens of the world have a lot to answer for. And there days must be numbered.