The Last Chance Of Freedom : Greek Bailout, CDS and the End of the World

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Monday, March 5, 2012

Greek Bailout, CDS and the End of the World

by Shah Gilani

A not-so-funny thing happened on the way to the latest Greek bailout. The terms and conditions of the bond swap Greece agreed to before getting another handout constitutes a theoretical default - but not a technical default.

That's not funny to CDS holders.

Greece hasn't defaulted (so far), but some of the buyers of credit default swaps, basically insurance policies that pay off if there is a default, claim the terms and conditions of the bond swap constitutes a "credit event" or default. If it is, they want to get paid.

While on the surface this looks like a fight over the definition of a default, underneath the technicalities, the future of credit default swaps and credit markets is at stake.

In other words, the ongoing Greek tragedy is really becoming a global tragedy of epic proportions.

Read more: http://econintersect.com/b2evolution/blog3.php/2012/03/04/greek-bailout-cds-and-the-end-of-the-world

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Monday, March 5, 2012

Greek Bailout, CDS and the End of the World

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