The International Swap and Derivatives Association (ISDA) will hold a meeting today to discuss the Greek debt swap deal after the government said it reached the target for the debt restructuring.

The ISDA will meet at 13:00 GMT and decided whether the swap is a credit event and by that trigger the insurance on the Greek bonds against defaults Credit Default Swaps especially after Greece got the approval to activate the collective action clauses (CACs) enforcing loses on some investors.

The Greek government said that 85.7% bondholders participated in the swap and the participation rate is 95.7% after they received the approval to activate the CACs.