The International Swaps and Derivatives Association ruled yesterday that the Greek debt restructuring deal will trigger about $3 billion in credit default swaps, a tiny fraction of the total CDS insurance on the loans. This makes the debt swap a partial “credit event,” or default. Billions of dollars are to be paid out in insurance-like [...]

Between 75-80% of Greek bondholders have agreed to the debt restructuring plan that will facilitate the second bailout and cut bond payments by up to 70%. The Greek government is expected to announce the results of the two-week campaign to win over private investors on Friday morning, but senior Greek officials and bankers briefed on [...]

Well that’s one way to solve the nagging problem with the Greek debt restructure triggering credit default swaps: just get the governing body to pretend the whole thing is voluntary. There will be no payouts to investors holding bond insurance contracts on Greek debt, a committee of bankers and investors ruled Thursday. The decision by [...]

European finance ministers agreed to extend more money to Greece yesterday, after the Greeks fulfilled their end of the bargain by passing a severe austerity and privatization package amid mass protests. The finance ministers extended the 8.7 billion euro ($12.6 billion) loan, which added to the 3.3 billion euro loan from the IMF will get [...]

What’s the latest from America’s Dairyland? Well, it’s the same back and forth. Scott Walker selectively released some emails yesterday designed to show he’s acting in good faith, but he’s still not really negotiating, and is unlikely to back down. On a conference call set up by the state AFL-CIO today, Rick Badger (really, the [...]