No default insurance for Greek bondholders

The International Swaps and Derivatives Association has decided the Greek debt restructuring does not constitute a “credit event” and that Greek investors should not receive billions of dollars in credit default insurance.

Read Greece in default: S&P

The association turned down two requests for a payout to be triggered over next week’s €206bn debt swap, but left the door open for future negotiations.

Read more on why the association rejected investor requests, and how the situation will continue to evolve.

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