Will Greece slay the CDS market?

The future of the multi-trillion derivatives market is unclear after a ruling which raises the possibility that securities against Greek debt losses could prove worthless.

The fate of a multi-trillion derivatives market is under a cloud after the International Swaps and Derivatives Association ruled yesterday that the latest attempt to bail out Greece wasn’t "a restructuring credit event."

A key element of the looming $300 billion bailout is a $130 billion or so 'haircut' for private holders of Greek government bonds.

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