Και δεύτερο ερώτημα στην ISDA για το PSI

Δεύτερο ερώτημα κατατέθηκε σήμερα στην ISDA αναφορικά με το εάν η συμφωνία για το PSI, η νομοθεσία για τις ρήτρες συλλογικής ευθύνης συνιστούν πιστωτικό γεγονός.

Σημειώνεται ότι σήμερα συνεδριάζει η Διεθνής Ένωση Συμφωνιών Ανταλλαγής Ομολόγων (ISDA) ώστε -απαντώντας στο πρώτο ερώτημα που ετέθη προ ημερών- να κρίνει εάν η αναδιάρθρωση του ελληνικού χρέους, το αποκαλούμενο PSI, συνιστά πιστωτικό γεγονός και εάν κατά συνέπεια θα πρέπει να πυροδοτηθεί και η εκταμίευση των CDSs. Σύμφωνα με πληροφορίες η τελική απόφαση στο πρώτο ερώτημα θα έχει βγει μέχρι τη Δευτέρα.

http://www.euro2day.gr/news/economy/124/articles/682485/Article.aspx

____________________________

οι ερωτήσεις - http://www.isda.org/credit/

1η.
 Does the announcement of the passage by the Greek parliament of legislation that approves the implementation of an exchange offer and vote providing for collective action clauses (“CACs”) that impose a “haircut amounting to 53.5%” (MINFIN Announcement, 2.21.2012) that “shall bind the entirety of the Bondholders [of eligible instruments]” (First Article, Section 9), constitute a Restructuring Credit Event in accordance with Section 4.7 of the 2003 ISDA Credit Derivatives Definitions (as amended by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published on July 14, 2009) because (i) the European Central Bank and National Central Banks benefitted from “a change in the ranking in priority of payment” as a result of the Hellenic Republic exclusively offering them the ability to exchange out of their “eligible instruments” prior to the exchange and implementation of the CACs, thereby effectively “causing the Subordination” of all remaining holders of eligible instruments, and (ii) this announcement results directly or indirectly from a deterioration in the creditworthiness or financial condition of the Hellenic Republic?

2η.
Does
(i) the agreement that has been reached between the Hellenic Republic and a number of private sector holders of Greek debt (the “PSI Agreement”) to vote in favour of the invitation described in the Invitation Memorandum dated 24 February 2012 by the Hellenic Republic to the holders of each series of securities listed in the Invitation Memorandum (the “Designated Securities”) to offer to exchange the Designated Securities for new securities (the “Invitation”);
(ii) the enactment of Article First of Law No. 4050/2012 (Government Gazette A 36/2012), “Rules on the modification of titles issued or guaranteed by the Greek State with the Bondholders’ agreement” (the “CAC Law”) and
(iii) the statement by the Ministry of Finance of the Hellenic Republic on 21 February 2012 that the CAC Law can be used together with the PSI Agreement to achieve participation in the offer described in the Invitation at the levels anticipated by the 26 October 2011 Euro Summit Statement,
constitute a Restructuring Credit Event in accordance with Section 4.7 of the 2003 ISDA Credit Derivatives Definitions (as amended by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published on July 14, 2009) because
(i) a reduction in the amount of principal or premium payable at maturity or at scheduled redemption dates of the Designated Securities has been agreed between the Hellenic Republic and a sufficient number of holders of the Designated Securities to bind all holders of the Designated Securities and
(ii) this agreement results directly or indirectly from a deterioration in the creditworthiness or financial condition of the Hellenic Republic?

η δεύτερη είναι πολύ καλύτερη ερώτηση από τη πρώτη