ISDA Says Greece Deal Triggers $3B in Default Swaps

ISDA Says Greece Deal Triggers $3B in Default Swaps Play

March 9 (Bloomberg) -- Greece’s use of collective action clauses forcing investors to take losses under the nation’s debt restructuring will trigger payouts on $3 billion of default insurance, the International Swaps & Derivatives Association said. A total 4,323 credit-default swap contracts can now be settled after ISDA’s determinations committee ruled the use of CACs is a restructuring credit event. Michael McKee and Sara Eisen report on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

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