"Whether or not Greece stays in the Eurozone and for how long is still debatable, but Greek CDS contracts are set to trigger next month after Greek parliament retroactively inserts collective action clauses (CACs) forcing all debt-holders to participate in the next deal.
Bear in mind that forced restructuring is the trigger, not the insertion of the CAC language itself.
The Financial Times reports Greece sets date for €200bn debt swap
Bear in mind that forced restructuring is the trigger, not the insertion of the CAC language itself.
The Financial Times reports Greece sets date for €200bn debt swap
Greece plans to launch a debt swap next month for private bondholders as part of a second €130bn bail-out expected to be approved on Monday by eurozone finance ministers, a government official said on Saturday.at http://globaleconomicanalysis.blogspot.com/2012/02/greek-cds-to-trigger-in-march.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
The official said the swap, which would cover €200bn of Greek sovereign debt, would take place between March 8 and March 11, only days before Athens is due to repay a €14.4bn bond maturing on March 20..."
