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Greek Rollover Probably Won’t Trigger CDS, ISDA’s Geen Says

A rollover or exchange of Greek bonds probably won’t trigger credit-default swap insurance contracts because the restructuring would be voluntary, according to David Geen at the International Swaps & Derivatives Association.

Germany is reviving proposals for a swap involving a voluntary exchange of debt against bonds with a longer maturity, a government official said today. Greek banks are willing to roll over their government bonds as part of a European Union rescue, Finance Minister Evangelos Venizelos said.