There shouldn't be any.  That's a private contract - I think but IANAL - between the bond holder and two or more parties.  The State should only perhaps, depending, guarantee the underlying bond.

The Neo-libs are always shouting the State should not interfere with private contracts so ... the State should not interfere and let the derivatives go south.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre