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Gross Says ISDA Yet to Make Final Call on Greek Default-Swaps

Pacific Investment Management Co.’s Bill Gross, whose firm is a member of the committee that decides whether default insurance on Greek debt will pay out, said the group will probably make one more decision on the issue.

The International Swaps & Derivatives Association said today that credit-default swaps tied to Greek debt won’t be paid out after it was asked to rule whether part of the nation’s $170 billion bailout was a credit event. The group said the European Central Bank’s exchange of Greek bonds for new securities exempt from losses being imposed on private investors hasn’t triggered $3.25 billion of outstanding credit-default swaps.