ISDA says 'no credit event' in Greece

The International Swaps and Derivatives Association said on Thursday it does not believe a credit event has occurred in Greece -– and thus Greek credit default swaps, also known as CDS, have not triggered. A triggering of Greece's CDS would force credit default sellers to compensate buyers. The notional amount of CDS on Greece's sovereign debt is estimated at $3.2 billion. Private holders of Greek government debt last month accepted a restructuring involving the writedown of 53.5 percent of their investment, alongside a 130 billion euro bailout deal between Greece and its foreign lenders -- the European Union and the International Monetary Fund.

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