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Greece triggers credit event and raises questions for sovereign CDS
  • Orrick, Herrington & Sutcliffe LLP
  • Global, Greece
  • May 4 2012

On March 9th, the ISDA Determinations Committee for Europe unanimously concluded that The Hellenic Republic (Greece) had triggered a restructuring “credit event” under credit default swap (“CDS”) contracts in connection with the exchange of its debt with private creditors.

Greece inches closer to triggering a credit event
  • Orrick, Herrington & Sutcliffe LLP
  • Greece
  • February 15 2012

With an enormous 14.5 billion bond maturing on March 20th, Greece continues to negotiate with its private sector investors on the reduction of approximately 100 billion of its total 350 billion of debt.

Sovereign bailouts and CDS restructuring triggers
  • Orrick, Herrington & Sutcliffe LLP
  • European Union, Global, Greece
  • August 9 2011

On July 21st, the International Monetary Fund and European Union agreed to a second bailout package for Greece amounting to some 109 billion, subject to the beleaguered country implementing structural reforms and meeting specified fiscal targets.

Edward G. Eisert
  • Orrick, Herrington & Sutcliffe LLP