ISDA Determines Restructuring Credit Event Has Occured Related to Greece

March 9, 2012 3:22 PM EST
The International Swaps and Derivatives Association has said its EMEA Credit Derivatives Determinations Committee has unanimously decided that a restructuring credit event has now occurred with respect to Greece.

The committee determined the nation's use of collective action clauses has triggered payouts on some $3 billion in credit-default swaps. An auction will be held March 19th.

The news means Greece has effectively defaulted on a portion of its debt.

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