Greek Restructuring: Why Isn't It (Yet) a Credit Event?

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Recent developments arising out of the Greek sovereign debt crisis have required the ISDA Determinations Committee to determine whether a "Credit Event" has occurred under credit default swaps referencing Greek sovereign debt. The Determinations Committee concluded on 1 March 2012 that a Credit Event has not yet occurred. We explain here why this is the case.

View full memo, "Greek Restructuring: Why Isn't It (Yet) a Credit Event?"