(BFW) ISDA Determinations Committee Accepts Greece Question
So it looks like they will try to determine if the events so far have been a Credit Event. I personally don’t think it is there. Too much relies more on “language” subordination and offering the PSI. It has a shot of winning, but I suspect it won’t be called a Credit Event at this stage. It will likely have to wait until someone actually gets CAC’d, but could be interesting. The fact that S&P has already called it a Selective Default may influence them a bit in spite of the fact that rating agencies have nothing to do with whether a Credit Event has occurred.
I think it makes sense for someone to try it now. A chance to win, and if it is a basis package holder (or bank) it would be great to trigger a CDS before having to decide whether to holdout or not.
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ISDA Determinations Committee Accepts Greece Question
2012-02-28 21:08:30.62 GMT
By Alexandra Harris
Feb. 28 (Bloomberg) — Question has been accepted for
consideration by EMEA Determinations Committee, according to
International Swaps & Derivatives press release today.
* Meeting will be held March 1 to determine whether credit
event has occurred
Link to statement: http://bit.ly/hAwDMh
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