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