Greek crisis poses problems for CDS market

The pros and cons of restructuring

Helen Haworth

Buyers of credit default swap (CDS) protection are doing some real soul-searching. The issue is, in some respects, straightforward: do they think Greece will restructure its debt, and will that trigger a credit event on the associated CDS contracts? If the answers are yes and no, respectively, should they bother to buy sovereign CDSs at all? Some analysts and dealers suggest it’s not obvious they should – a feeling that, if reciprocated by protection buyers, could have a chilling effect on the

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