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Isda to rule on Greece’s debt
THE GLOBAL body that rules on the sale and use of credit default swaps will meet tomorrow to discuss whether Greece’s debt swap should be considered a default, or “credit event”.
The International Swaps and Derivatives Association could pave the way for a payout on outstanding Greek CDS contracts if it decides a credit event has occurred. An Isda member has asked if the approval by Greece to implement collective action clauses on debt governed by Greek law constitutes a “restructuring credit event”.