ISDA EMEA Determinations Committee: CDS Auction relating to The Hellenic Republic
LONDON, March 19, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that the Auction in respect of outstanding CDS transactions relating to The Hellenic Republic has been successfully completed.
The ISDA EMEA Credit Derivatives Determinations Committee resolved unanimously on March 9 that a Restructuring Credit Event had occurred with respect to The Hellenic Republic (Greece) under Section 4.7(a) of the ISDA 2003 Credit Derivatives Definitions (as amended by the July 2009 Supplement) following the exercise by The Hellenic Republic of collective action clauses to amend the terms of Greek law governed bonds issued by The Hellenic Republic such that the right of all holders of the Affected Bonds to receive payments has been reduced.
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