Isda: CDS speculation not to blame for Greek debt crisis

The International Swaps and Derivatives Association last month hit out at “flawed and inconsistent” media reports that suggest speculative use of sovereign credit default swap (CDS) contracts has exacerbated the debt crisis in Greece.

In a statement, the association highlighted the contradiction in saying the CDS market is complex and opaque while also liquid enough to influence enormous markets. It pointed out that even the market for the most heavily traded CDS names is much smaller than the m