ISDA EMEA Determinations Committee:
Restructuring Credit Event Has Occurred with Respect to The Hellenic Republic
http://t.co/nlAlzM6t
NEWS RELEASE
For Immediate Release
ISDA EMEA Determinations Committee:
Restructuring Credit Event Has Occurred with Respect to
The Hellenic Republic
LONDON, March 9, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA)
today announced that its EMEA Credit Derivatives Determinations Committee resolved
unanimously that a Restructuring Credit Event has occurred with respect to The Hellenic
Republic (Greece).
The EMEA DC resolved that a Restructuring Credit Event has occurred under Section 4.7(a) of
the ISDA 2003 Credit Derivatives Definitions (as amended by the July 2009 Supplement)
following the exercise by The Hellenic Republic of collective action clauses to amend the terms
of Greek law governed bonds issued by The Hellenic Republic such that the right of all holders
of the Affected Bonds to receive payments has been reduced.
The Committee determined that an auction will be held in respect of outstanding CDS
transactions on March 19. ISDA has published a list of obligations issued or guaranteed by The
Hellenic Republic, which the EMEA Determinations Committee is currently in the process of
reviewing. That list can be accessed here: http://www2.isda.org/preliminary-greek-obligations/.
ISDA will publish further information regarding the potential auction on its website,
www.isda.org/credit, in due course.
Answers to frequently asked questions regarding The Hellenic Republic Restructuring Credit
Event can be accessed via ISDA’s Greek Sovereign CDS page: http://www2.isda.org/greeksovereign-
cds/
ISDA will host a press briefing today at 9PM GMT / 4PM EST addressing the credit event
ruling. A live webcast of the briefing will be available at:
http://services.choruscall.com/links/isda120309.html.
For Media Enquiries, Please Contact:
Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org
Rose Millburn, ISDA London, +44 203 088 3526, rmillburn@isda.org
-more
Restructuring Credit Event Has Occurred with Respect to The Hellenic Republic
http://t.co/nlAlzM6t
NEWS RELEASE
For Immediate Release
ISDA EMEA Determinations Committee:
Restructuring Credit Event Has Occurred with Respect to
The Hellenic Republic
LONDON, March 9, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA)
today announced that its EMEA Credit Derivatives Determinations Committee resolved
unanimously that a Restructuring Credit Event has occurred with respect to The Hellenic
Republic (Greece).
The EMEA DC resolved that a Restructuring Credit Event has occurred under Section 4.7(a) of
the ISDA 2003 Credit Derivatives Definitions (as amended by the July 2009 Supplement)
following the exercise by The Hellenic Republic of collective action clauses to amend the terms
of Greek law governed bonds issued by The Hellenic Republic such that the right of all holders
of the Affected Bonds to receive payments has been reduced.
The Committee determined that an auction will be held in respect of outstanding CDS
transactions on March 19. ISDA has published a list of obligations issued or guaranteed by The
Hellenic Republic, which the EMEA Determinations Committee is currently in the process of
reviewing. That list can be accessed here: http://www2.isda.org/preliminary-greek-obligations/.
ISDA will publish further information regarding the potential auction on its website,
www.isda.org/credit, in due course.
Answers to frequently asked questions regarding The Hellenic Republic Restructuring Credit
Event can be accessed via ISDA’s Greek Sovereign CDS page: http://www2.isda.org/greeksovereign-
cds/
ISDA will host a press briefing today at 9PM GMT / 4PM EST addressing the credit event
ruling. A live webcast of the briefing will be available at:
http://services.choruscall.com/links/isda120309.html.
For Media Enquiries, Please Contact:
Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org
Rose Millburn, ISDA London, +44 203 088 3526, rmillburn@isda.org
-more
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