Bloomberg News

Greece Credit Swaps Sellers Paid $2.89 Bln to Settle, DTCC Says

March 27, 2012

Banks, hedge funds and other investors that sold credit-default swaps protecting against losses on Greece bonds paid a net $2.89 billion to settle the contracts, according to the Depository Trust & Clearing Corp.

The payouts were completed yesterday after the nation took steps to force investors this month to participate in the biggest sovereign-debt restructuring in history, New York-based DTCC, which runs a central repository for the market, said in an e-mailed statement today.

To contact the reporter on this story: Shannon D. Harrington in New York at sharrington6@bloomberg.net

To contact the editor responsible for this story: John Parry at jparry5@bloomberg.net


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