(BN) Venizelos Says Unconcerned About Whether CDS on Greece Triggered

So in spite of earlier best efforts they finally realized the debt problem is so big that avoiding the CDS Credit Event limited their options on debt restructuring.

Why the PSI terms aren’t more harsh and weren’t done in December before the last 8 billion transfer where Greece paid private creditors and took on more of the harsher troika loans.

It took them about a year to figure out what we have been saying all along on CDS. Maybe in another year they will realize what a bad deal they have negotiated for the people of Greece.

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 BN 02/23 12:36 *VENIZELOS SPEAKS TO LAWMAKERS IN PARLIAMENT

 BN 02/23 12:36 *VENIZELOS SAYS NOT CONCERNED ABOUT WHETHER CDS ARE TRIGGERED

 BN 02/23 12:23 *GREECE WILL BE A DIFFERENT COUNTRY AFTER DEBT SWAP: VENIZELOS

 BN 02/23 12:17 *VENIZELOS COMMENTS IN PARLIAMENT TELEVISED LIVE ON VOULI TV

 BN 02/23 12:17 *GREECE’S VENIZELOS SPEAKS IN PARLIAMENT IN ATHENS

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Venizelos Says Unconcerned About Whether CDS on Greece Triggered

2012-02-23 12:47:08.211 GMT

By Natalie Weeks and Marcus Benssason

     Feb. 23 (Bloomberg) — Greek Finance Minister Evangelos

Venizelos said he wasn’t concerned whether a swap of the

country’s privately held debt would trigger credit default

swaps.

     “No one pays attention to the activation of the CDS,”

Venizelos told lawmakers in comments broadcast live on state-run

Vouli TV. “Yes, when the collective action clauses being voted

on today are activated and the minority of bondholders are

subjected to the will of the super-majority, it’s possible” the

CDS will be triggered, he said.

     Credit default swaps, and in particular naked-CDS, “are a

game that takes place on the back of the country,” Venizelos

added.

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To contact the reporter on this story:

Natalie Weeks in Athens at +30-210-741-9069 or

nweeks2@bloomberg.net

 

To contact the editor responsible for this story:

Maria Petrakis at +30-210-741-9080 or

mpetrakis@bloomberg.net