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.

Home     More News

Financial Risks Today Beta Banner

Other stories you may find of interest:

Holding out for a debt restructure
Greece stands before a default abyss but, as Simon Miller discovers, before it rushes to restructure, there are litigating risks from international trade treaties to consider

A very British Complex
Greater complexity leads to greater risks for banks according to Professor Simon Collinson, Warwick Business School and the Simplicity Partnership

Impacting on investment
With emerging markets looking for investment, Simon Miller looks at the rise of impact investment and what risks entails in this socially aware vehicle

This website is a part of Perspective Publishing Limited, registered in England No 2876166.