ISDA Determines Restructuring Credit Event Has Occured Related to Greece
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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.
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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