Are you such an idiot that only I can understand the implications of what you just wrote? They only offset if one of them has not defaulted, and you act as though the streams of revenue from a swap do not matter. If they did not then why would anyone do them?
Of course, one trades swaps because the revenue stream DOES matter, and the default on a swap surely matters if someone has a portfolio of offsetting swaps without a lot of actual capital in the game. A default on one side exposes you to the entire downside of the offsetting swap, and your bankruptcy and default could sink the guy on the other end who was trying to hedge the risk that you were supposedly offsetting.
One of these days when you talk down to all the rest of us you will actually show us that you understand the technobabble that you spew forth. So far you haven't.
No. You're such an imbecile that you don't understand what I wrote.