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The Mechanics Of The Big Greek Debt Swap
The countdown to the March 8 deadline for Greece's private-sector creditors to agree to a debt restructuring begins Wednesday, when an international trade association decides to either accept or reject an application to determine whether the passage of laws in Greece that will force investors to accept a steep write-down on debt constitutes a "credit event" that will trigger the payout of insurance contracts against Greece defaulting on its debt, contracts known as credit default swaps. Only after the committee has opted to review the case would the committee then consider whether sellers of Greek CDS should pay ... (full story)