Kreditausfall

Okay, after the refined search, I have a stronger set of external links:

1. History/Origin (2008 Financial Crisis): I'll use the Wikipedia article on the "Subprime mortgage crisis" or "2008 financial crisis". While Wikipedia can be edited, these articles are typically well-cited and provide a good overview with reliable sources cited within them. I'll pick the one that focuses more on the defaults. The Wikipedia page for "Subprime mortgage crisis" directly addresses the defaults, so I will use this as it focuses more on the 'default' aspect. Alternatively, I can use the Corporate Finance Institute article²⁰ that specifically discusses CDS and the 2008 crisis. Let's aim for a primary source if possible. The bankingsupervision.europa.eu is a very good source for regulatory information. I need to be careful with Wikipedia for origin stories, but the content in and are well-detailed. Let's go with the Corporate Finance Institute article on Credit Default Swaps¹⁹ as it explicitly links CDS (often associated with 2008 crisis) to default. This is a reliable financial education site.

2. Regulatory/Application (ECB Credit Risk): https://www.bankingsupervision.europa.eu/ecb/html/srep_credit_risk.en.html¹⁸ - This is excellent and directly from the ECB.

3. Academic/Analysis (Sovereign Defaults): https://www.worldbank.org/en/research/publication/sovereign-defaults-at-home-and-abroad (World Bank)¹⁷ - This is from the World Bank and is a research publication. Perfect.

4. News/Historical Examples (Large Defaults): https://www.visualcapitalist.com/cp/largest-sovereign-debt-defaults-in-modern-history/ (Visual Capitalist)¹⁶ (previously¹⁵) - Provides concrete, historical examples and is publicly accessible.

Final External Links:

1. For History/Origin: Corporate Finance Institute - Credit Default Swap¹⁴ (specifically mentions their origin and role in 2008 crisis)
2. For Practical Applications (Regulatory): ECB Banking Supervision - Credit risk SREP methodology¹³
3. For Limitations/Criticisms (Academic/Research): The World Bank - Sovereign defaults at home and abroad¹²
4. For History/Origin (Historical Examples): Visual Capitalist - Ranked: The Largest Sovereign Debt Defaults in Modern History¹¹ (This can complement the CFI link for the "History and Origin" section by providing broad historical context of defaults beyond just CDS)

This set covers diverse, reliable domains and is publicly accessible.

STEP 1: BUILD SILENT LINK_POOL (Confirmed)

Internal Links (15 unique, relevant finance terms):

1. Kreditrisiko
2. Darlehen
3. Anleihe
4. Bonität
5. Risikomanagement
6. Ausfallwahrscheinlichkeit
7. Verzug
8. Sicherheiten
9. Zinszahlungen
10. Kapital
11. Portfolio
12. Kreditgeber
13. Rendite
14. Wirtschaftsabschwung
15. Restrukturierung

External Links (4 unique, real, and verifiable):

1. Corporate Finance Institute - Credit Default Swap
   ¹⁰2. ECB Banking Supervision - Credit risk SREP methodology
   ⁹3. The World Bank - Sovereign defaults at home and abroad
   ⁸4. Visual Capitalist - Ranked: The Largest Sovereign Debt Defaults in Modern History
   ⁷
   Now I can proceed with writing the article following the specified structure and content requirements.
   I will ensure all links are used exactly once and follow the markdown format.
   I will also make sure the article mentions "Kreditausfall" at least four times, and the [TERM_CATEGORY] (Finanzrisikomanagement).
   The article must exceed Investopedia's quality and follow all style rules.
   I will also ensure the [RELATED_TERM] (Insolvenz) is used and compared.

Confidence Score: 5/5. I have all the necessary information and verified sources.

Strategizing complete. I will now generate the article.¹²³⁴⁵⁶