Greece Default at last it has happened. Thanks God its orderly default and not disorderly default.
This is what financial expert around the world where waiting for and atlast it has come true that Greece is declared bankrupt.
The ISDA said the use of "collective action clauses (CACs) 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.” The "credit event" ruling means a maximum of $US3.16 billion of net outstanding Greek credit default swap contracts could be paid out, though the actual amount is likely to be lower because bondholders are not losing all of their original investment .ISDA said the auction will be held to determining the actual payout amounts on March 19.Greece said it would use the newly passed legislation that included the CACs to force private creditors into a bond swap. This follows creditors' voluntary tendering of 85.8 percent of the 177 billion euros in bonds regulated by Greek law. The use of CACs should boost participation to an estimated 95.7 per cent.
Credit default swaps tied to Greek sovereign debt have been triggered.
Dollar is expected to strengthen from here .We expect Dollar Index to resume its up move once again.
Sr Vice President
wiTdom investment advisory
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