Derivatives Overseer Rules Greek Debt Swap a “Credit Event,” Leading to CDS Payouts

By: Saturday March 10, 2012 8:55 am

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 [...]

Greek Debt Swap Gets Majority Participation from Bondholders

By: Thursday March 8, 2012 12:22 pm

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 [...]

Derivatives Governing Body Says Greek Debt Swap Not Default Event

By: Friday March 2, 2012 7:35 am

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 [...]

Greece Survives the Summer, Prognosis for Future Not So Hot

By: Sunday July 3, 2011 1:51 pm

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 [...]

Wisconsin: Debt Restructuring Can Be Delayed Until April 15

By: Wednesday March 9, 2011 2:29 pm

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 [...]

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