Isda rules "no" on Irish credit event

Irish euro

The International Swaps and Derivatives Association has ruled that the conditions of an International Monetary Fund loan to Ireland do not mean the country has in effect restructured its sovereign debt - triggering credit default swaps (CDS) covering Irish government bonds.

An anonymous request submitted on March 11 called on Isda's six-strong Determinations Committee to decide whether the Irish government's decision to give IMF debt priority in repayment had effectively subordinated other

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