ISDA Determinations Committee Accepts Question Related to a Potential Hellenic Republic Credit Event !

• The ISDA is the organization which will decide whether a credit event (ie. default) has occurred that will trigger CDS (insurance against default) payments. It is this organization, owned by the 5 large Wall Street Banks, which will determine whether CDS are triggered and not any other agencies, or rating agencies! I do not believe they will declare a credit event on the 1 March meeting. It is the meeting around or after the 20 March (which is when Greece must make or default on €14.4B payments) which is the important one!
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• If a default is declared, all eyes will be on how many billions of dollars of CDS are triggered. Which financial institution are involved and who will go under? If a default is not declared when the market believes a default should be declared, the CDS market will lose credibility and tank. What good are insurance against default (CDS) when it doesn’t protect you against a debtor default. Who will want to buy CDS right? CDS are a highly profitable biz for the Wall Street Illuminist banksters! Either way we live in interesting times!
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  ISDA Determinations Committee Accepts Question Related to a Potential Hellenic Republic Credit Event! 
  via www.jsmineset.com 
  LONDON, February 28, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA), as secretary to the Determinations Committees (the DCs), today announced that a question relating to a potential credit event with respect to the Hellenic Republic has been submitted to, and subsequently accepted for consideration by, the EMEA Determinations Committee.
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  In accordance with the Determinations Committee Rules, a meeting will be held at 11AM GMT on Thursday, March 1 to determine whether a credit event has occurred.
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  Further information regarding the question is available at www.isda.org/credit.

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