The ISDA (International Swaps and Derivatives Association) has declared that a Greek sovereign debt "credit event" has occurred, clearing the way for CDS (credit default swap) and other insurance instruments to be called upon to make good bondholders' losses.
The ISDA has declared that a "restructuring" credit event has occurred as a consequence of retrospective "collective action clauses" (CACs) which have been invoked, and which rendered any "voluntary" swap compulsory for those bondholders who did not agree.
Further reporting is available at "Restructuring credit event has occurred", courtesy of Yahoo Finance; at the ISDA site which provides useful explanatory "frequently asked questions" (FAQs); and at the DTCC site which tallies the value of credit products, including CDSs, in the tens of trillions of US dollars.
The ISDA has declared that a "restructuring" credit event has occurred as a consequence of retrospective "collective action clauses" (CACs) which have been invoked, and which rendered any "voluntary" swap compulsory for those bondholders who did not agree.
Further reporting is available at "Restructuring credit event has occurred", courtesy of Yahoo Finance; at the ISDA site which provides useful explanatory "frequently asked questions" (FAQs); and at the DTCC site which tallies the value of credit products, including CDSs, in the tens of trillions of US dollars.
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