Greece has not yet defaulted on its debt. That is what the International Swaps and Derivatives Association ruled at lunchtime on Thursday, when it announced that the deal to cut Greece's debt did not constitute a "credit event". The ISDA added that the situation is evolving and the debt swap could still be classified a credit event at a later date. What is the ISDA? Considering it governs a market worth a whopping $700tn - more than 10 times the size of the global economy - the International Swaps and Derivatives Association keeps a very low profile. Made up of banks, hedge funds, and investment houses, it governs ... (full story)