Friday, March 9, 2012

Greece Issues PSI Statement: 85.8% Participation Rate, €172 Billion Tendered in Swap

  • Greece announces 85.8% PSI participation 
  • €172 Billion tendered in swap, € 25 Billion hold out
  • ISA to meet at 1pm to determine if CDS have been triggered

    Greece has announced an 85.8% PSI participation, with 69% of non Greek law bondholders participating, with a total of
    €172 tendered in the swap.
    The ISDA has announced a 1pm meeting to determine if a CDS triggering event has occurred.  Jim Sinclair has informed us repeatedly what the ISDA decision will always be regarding CDS swaps, as a technical default would wipe out the TBTF US banks who wrote the credit default swap insurance on the sub-prime Greek debt.

    Greece New

    And the ISDA to meet at 1pm to determine if a credit event has been triggered:
    EMEA DC Accepts Hellenic Republic Credit Event Question 03-08-1