According to the International Swaps and Derivatives Association, they said that the Greek bond swap with the private sector does not trigger a credit event.

The committee was asked if it will be considered as a credit event and by that trigger the Credit Default Swaps, the insurance contracts on Greek debt that is worth a net $3.25 billion, and they said that the holders will not receive any payments at this stage yet further rulings are still possible.

The 15 members voted unanimously on the decision that it does not meet the definition of a credit event even as the new Greek legislation that could force all bondholders to accept losses on their holdings of debt.