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This claim is made in the book Quantum Triangulations (eds.: Carfora, Marzuoli), p.45:

the thrice-punctured sphere is the largest subdomain of $\mathbb{S}^2$ supporting a hyperbolic metric.

I would appreciate it if someone could either explain this statement, or point me to the appropriate source that would help me understand it. Thanks!

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    The quotient of the upper half plane with its usual metric of constant curvature $-1$ by the group generated by $z\mapsto z+1$ is homeomorphic to a sphere minus *two* points and clearly supports a hyperbolic metric.2012-03-11
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    @Mariano, Probably it is implicit that the thing should have finite invariant volume, excluding that infinite tapering cylinder.2012-03-11
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    And/or complete: all proper open subsets of the sphere are homeomorphic to bounded open subsets of the upper half plane, so carry hyperbolic metrics with finite volume. Another possible condition is the the metric in question be conformal to the restriction of the metric of the sphere.2012-03-11

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A pair of pants, as a (subset of a) thrice-punctured sphere, admits a hyperbolic structure, unlike the unpunctured or once or twice punctured spheres (sphere, plane, annulus), which admit positive curvature, zero curvature, and zero curvature, respectively – compare Little Picard theorem.

http://en.wikipedia.org/wiki/Pair_of_pants_(mathematics)

See page 3 of Buser and Parlier and Kleinian

Starting with the thrice-punctured sphere, given its unique complete hyperbolic metric, one can construct punctured tori by cutting off horoball neighborhoods of two cusps and gluing their circular boundaries by some möbius transformation. The result has a natural complex projective (möbius) structure, whose underlying conformal structure can be uniformized to a hyperbolic structure.

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    Thank you, Will, it was the connection to a pair of pants that I was missing. I appreciate your help!2012-03-11