Greece 'was not in default' over bailout - Business News - Business - Evening Standard
       

Greece 'was not in default' over bailout

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01 March 2012

Last month's Greek bailout deal, which saw banks take massive "haircuts" on their loans in return for austerity pledges, did not constitute a default by the stricken country on its debt, according to a ruling today.

The decision by the International Swaps and Derivatives Association means billions of euros of credit default swaps - insurance policies against the event of a default - will not have to pay out.

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