By Simon Miller
The International Swaps and Derivatives Association (Isda) will meet at 13.00GMT to decide on whether Greece's bond swap deal constitutes a credit event.
Some 85% of debt holders have agreed to the swap according to the Greek government meaning participation will rise to 95.7% once the collective action clauses (CAC) are triggered.
Because CAC's will be enacted, Isda will have to decide on whether this credits an event and so triggering a credit default swap of around $3.2bn.
Greece also said €172bn of bonds were tendered in the bond swap with 69% of non-Greek bond holders and had received tenders for €152bn under Greek law.