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Jim Sinclair’s Commentary
We are certainly close to a bottom in terms of degraded financial systems when the needs of the association overcome the needs of truth.
ISDA panel says no Greek ‘credit event’ occurred By William L. Watts
March 1, 2012, 7:58 a.m. EST
FRANKFURT (MarketWatch) — The International Swaps and Derivatives Association on Thursday said its EMEA Determinations Committee unanimously ruled that no "credit event" has yet occurred amid Greece’s efforts to restructure its debt holdings. A declaration of a "credit event" would require a payout on credit default swaps held as insurance against nonpayment. The panel ruled unanimously that a move effectively insulating the European Central Bank and national central banks from being forced to participate in the restructuring in the event that collective-action clauses are triggered didn’t constitute a credit event. They also determined they hadn’t received evidence that the restructuring itself met the definition of a credit event, ISDA said. The organization added, however that the situation is still evolving and that market participants could submit further questions to the body "as further facts come to light."
More…http://www.marketwatch.com/story/isda-panel-says-no-greek-credit-event-occurred-2012-03-01?siteid=bnbh