The International Swaps and Derivatives Association, Inc., or ISDA, said Friday that its EMEA Credit Derivatives Determinations Committee resolved unanimously that a Restructuring Credit Event has occurred with respect to Greece.
The Committee resolved that a Restructuring Credit Event has occurred following the exercise by Greece of collective action clauses to amend the terms of Greek law governed bonds issued by the country such that the right of all holders of the affected bonds to receive payments has been reduced.
The Committee determined that an auction will be held in respect of outstanding CDS transactions on March 19.
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