By Christopher Whittall
Published May 15, 2013 International Financing Review
The proposal forms part of a wider overhaul of the CDS definitions, which are being revisited for the first time in a decade to fix a number of flaws in the instruments, including the way they react to sovereign debt restructurings such as that of Greece (see article).
Along with sovereign CDS, amending financial CDS to account for the new bail-in regime is seen as a top priority in overhauling the contract to ensure it remains a viable hedging product.
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By Katy Burne
Published October 18, 2012 WSJ The Euro Crisis
Banks are quoting prices for credit-default swaps on Greek government bonds for the first time since the country restructured its debt in March, while there are hopes Greece is close to securing fresh aid.
While the derivatives, which act like insurance against a default, haven’t traded since March, some banks recently began quoting prices in an effort to revive the market, according to people who had received the prices
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By Christopher Whittall
Published August 11, 2012 International Financing Review
The prevalence of local law derivatives contracts might cause serious headaches for international lenders if Spain were to exit from the euro. Greece’s high-profile restructuring in March and subsequent difficulties in complying with bailout programmes has put it top of the list of potential countries dropping out of the single currency. But while a return to the drachma could spell disaster for holders of Greek bonds and loans, the lack of a local derivatives contract has meant that international banks are less concerned about swaps with Greek counterparties.
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By Roland Gribben
Published July 29 2012 Telegraph
Intensive discussions now under way among EU policy-makers involve the European Central Bank and a number of central banks taking a significant write-down on their Greek bonds as the price for avoiding a eurozone break-up and losing its weakest link.
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By Christopher Whittall
Published May 19 2012 International Financing Review
Major dealers have been furiously scanning through the legal contracts governing their derivatives trades with Greek counterparties, as fears of Greecepulling out of the eurozone have intensified during the past week.
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By Jonathan Alter
Published March 15 2012 Bloomberg Businessweek
As it wrestled with Greece’s debt crisis for the past two years, the European Central Bank took pains to avoid triggering credit-default swaps written on Greek bonds. But on March 9, Greece forced payouts on swaps contracts when it required all private bondholders to forgive more than €100 billion ($130 million) of debt as part of the biggest sovereign-debt restructuring in history.
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Published March 12 2012 Wall Street Journal
So after all the weeks of angst and protest, Greece was able to restructure its debt. But it couldn't do so without imposing losses on unwilling creditors, and so late Friday the International Swaps and Derivatives Association declared that Greece had defaulted at last, triggering among other things credit default swaps on Greek debt. The world did not end.
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By Matthew Attwood
Published March 09 2012 Financial News
Bankers today said that Greece's success in recalibrating its debt set an important precedent for Europe's peripheral economies and supported the use of collective action clauses, or CACs, in future debt restructurings.
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By Gillian Tett
Published March 08 2012 Financial Times
If Greece were to descend into disorderly default, how big would the financial hit be? That question has been stirring up intense debate in the markets; and, of course, among regulators too. With negotiations about Greek debt having dominated the headlines, it has been important to understand the “what if” scenarios.
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By Landon Thomas Jr.
Published March 6 2012 New York Times
Now that Greece is close to completing the largest bond write-off on record, should other debt-plagued nations in Europe follow its lead?
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