Tag Archives: Greek Default

John Ward – Greek Default – The US Undermining Strategy Is Still In Play – 21 March 2012

This morning I noted that:

‘…the undermining of Greece continues in European media: this morning Greek news website Ekathemerini leads with yet another leak suggesting there are ‘significant risks’ that the country might fail to bring down its debt because ‘the authorities may not be able to implement reforms at the pace envisioned.’ This came from the existing private creditors – aka, the US via the AP wire…’ Continue reading

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’. Continue reading