CDS saviour?

CDS saviour?

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CAC proposal could eliminate need to sidestep CDS trigger

Serious questions are being raised about the future of CDS, following a recent credit event (see box) and the ongoing euro area sovereign crisis. However, a recent proposal by the Greek finance ministry could satisfy all parties concerned - including holders of Greek sovereign CDS.

Greece is still paying its coupons and bonds are being repaid, but rumour is rife of discussions in official circles about the possibility of engineering a default that does not trigger CDS.

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