No swaps payout in Greek move

Greece has not triggered a credit default swaps payout by its preparations for a debt restructuring, the International Swaps and Derivatives Association (ISDA) said yesterday.

This means holders of these insurance contracts, worth a net $3.25bn (£2.03bn), will not receive payment at this stage.

The ISDA was asked to consider if a "credit event" had occurred as a result of Greek legislation that could force bondholders to accept losses.