No Payout on Greece Default Swaps, ISDA Says

No Payout on Greece Default Swaps, ISDA Says Play

March 1 (Bloomberg) -- Default insurance on Greek debt won’t be paid out, the International Swaps & Derivatives Association said after it was asked to rule whether part of the nation’s $170 billion bailout was a credit event. The group said the European Central Bank’s exchange of Greek bonds for new securities exempt from losses being imposed on private investors hasn’t triggered $3.25 billion of outstanding credit-default swaps. Michael McKee and Erik Schatzker report on Bloomberg Television's "InsideTrack." (Source: Bloomberg)

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