said its EMEA Determinations Committee unanimously ruled that no
"credit event" has yet occurred amid Greece's efforts to restructure
its debt holdings.
A declaration of a "credit event" would require a payout on credit
default swaps (CDS) held as insurance against nonpayment.
The panel ruled unanimously that a move effectively insulating the
European Central Bank and national central banks from being forced to
participate in the restructuring in the event that collective-action
clauses are triggered didn't constitute a credit event. They also
determined they hadn't received evidence that the restructuring itself
met the definition of a credit event.
The panel said, however that the situation is still eveloving and that
market participants could submit further questions to the body "as
further facts come to light.
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