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The International Swaps and Derivatives Association (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.
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.