CDS on Greek debt

Greece Deal Triggers $3B in Default Swaps: ISDA

By Abigail Moses

Greece’s use of collective action clauses forcing investors to take losses under its debt restructuring triggers payouts on $3 billion of default insurance, the International Swaps & Derivatives Associationsaid.
A total 4,323 credit-default swap contracts may now be settled after ISDA’s determinations committee ruled the use of CACs is a restructuring credit event ...
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Comment: No reason to get excited.