Greek bank holiday sparks swaps contract chaos

Extended bank closure leaves derivatives payments by end-users in limbo

Greek end-users are unable to make payments

The extended bank holiday in Greece has made it impossible for derivatives end-users in the country to make payments due on outstanding contracts – leaving dealers and clients scrambling for answers.

Greek prime minister Alexis Tsipras's decision to call a surprise referendum on June 28 prompted the European Central Bank (ECB) to cap the amount of emergency funds it provides to the country's banks – forcing the government to decree a bank holiday pending the result of the ballot and subsequent

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