Tag Archives: ISDA

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

John Ward – DEBT SWAP ‘RESULT’: Hold The Euphoria….Validation, Scrutiny And Poison Pills Still To Come – 9 March 2012

The White House-Wall Street-Berlin-Frankfurt plan is still on track

Before everyone forgets what The Slog has said in recent days about this tiresome debt-swap mirage, let me just summarise:

1. I said plans had been put in place for a Greek default March 23rd. The last date set for bond-swap settlements announced yesterday is….March 23rd. Continue reading