The Europe, Middle East and Africa Credit Derivatives Determinations committee of the International Swaps and Derivatives Association determined that Greece had not triggered a credit event after considering two questions from investors. The first was whether holders of Greek bonds were subordinated to the European Central Bank after the ECB agreed to buy EUR130 billion in Greek bonds as part of a bailout agreement. The second question was whether there had been any private agreements between bondholders and Greece that would constitute a restructuring. [A week later, the committee determined that Greece had triggered a credit event by restructuring its bonds, as first reported by DI. The committee reached its conclusion after approximately 85% of bondholders agreed to a voluntary restructuring of debt.]
