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Daily Archives: March 9, 2012

ISDA: Greek PSI-CACs “Credit Event”; CDS Payments Triggered

 Yeap. The activation of the Collective Action Clauses” (CACs) consist a “credit event”, said the International Swaps and Derivatives Association (ISDA) on Friday. Now the CDS will have to be paid out and all those who bet on Greece’s bankruptcy will make some nice profit. The CDS or Credit Default Swap is a …

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PSI: Greek Government Cheers & Activates CACs, Fitch Downgrades to “Restricted Default”…

The day started with euphoria in the Greek government, with Finance Minister Evangelos Venizelos expressed satisfaction about the PSI and said that the strong response of private-sector investors to the country΄s EUR206 billion debt restructuring plan was unprecedented and had surpassed expectations.  “The response exceeded all expectations” Venizelos told the Greek …

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PASOK, Nea Dimokratia Tried To Restructure Party Debts

 Socialist PASOK and conservative Nea Dimokratia, Greece’s biggest parties that governed the country for almost four decades, seem to believe theirs voters are a flock of obedient sheep. Therefore, they inserted an amendment to restructure their own debts into a bill concerning livestock breeding and livestock facilities. The amendment was inserted …

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Greek PSI: The CACs, the CDS and the “Credit Event”

The activation of the Collective Action Clauses  (CACs) seems inevitable. State broadcaster NET TV (12 pm) cited a Greek government official saying that the CACs’ activation is sure at 99.5%, because without the CACs, Greece would need 20 billion euro more [on debt restructuring], something which is impossible. Greece will force unwilling …

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PSI Participation Rate 85.8%, with CAC Activation 95.7%

The Greek Bond Swap (PSI) completed with a voluntary participation of 85.8%,  said a statement issued by the Greek Finance Ministry on Friday morning. Holders of 172 billion euros worth of bonds in total have agreed to the Greek bond exchange offer. The statement said further that 69% of non-Greek bondholders participated …

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