The International Swaps and Derivatives Association (ISDA) declared on Friday that Greece has triggered a credit event and now bondholders who hold credit default swaps (CDS) will be compensated by insurers with around $3.2 trillion, the thing that affected markets are prevented the euro from extending the gains.

There is three types of credit events according to the International Swaps and Derivatives Association (ISDA), which are bankruptcy, inability to meet payments and a restructuring, the one that Greece has triggered with the debt swap deal made with the private sector, excatly after forcing investors to take losses on their debt holdings by the Collective Action Clauses (CACs).