John Ward – ISDA GREEK BOND JUDGEMENT : UNANIMOUS (?) – GREEK DEFAULT – 9 March 2012

After seven hours of deliberation, ISDA tonight reached a unanimous decision that the Greek bond swap represented a default, triggering CDS insurance totalling some $3.5bn.

It’s a bit hard to see how you argue uphill and down dale for that amount of time…and them emerge unanimous.

The Dow Jones newswire was reporting earlier this evening that ISDA felt its decision ‘could only be made once CACs are formally activated by Greece’.

Advertisement