Relevant:
- Greece Default SWAPS Don't Have to Pay: ISDA
- As default looms, Greece seeks to push back key July payments to ECB
- Banks to Defend Sovereign Default Swaps at EU Meeting
- Argentine Bonds Sink After Default; Swaps Holders Seek Ruling
- Derivatives Overseer Rules Greek Debt Swap a "Credit Event," Leading to CDS Payouts
2011-07-14 — financialsense.com
``Nor is the loss of Greek bonds as collateral -- securities against which banks can borrow -- the big issue either... No, instead, it's the money owed to holders of credit default swaps -- derivative contracts insuring against failed debt repayment -- that risk taking the world straight back to September 2008. One estimate puts the insurance cover at 25% of Greece's outstanding debt.''
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