Panel Denies $3B Insurance Payouts On Greek Debt

Law360, New York (March 1, 2012, 2:09 PM EST) -- Private-sector holders of Greek debt cannot recover about $3.25 billion in default insurance payments at this point, an International Swaps and Derivatives Association committee ruled Thursday.

The panel — composed of 15 members including JPMorgan Chase Bank NA, Deutsche Bank AG, Goldman Sachs Group Inc. and Barclays PLC — unanimously decided that an agreement by some Greek bondholders to a securities exchange that reduces their holdings by 53.5 percent did not constitute a credit event.

A ruling to the contrary would have triggered billions in payments...
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