(BN) Dallara Tells BBC CDS Triggers Would Hurt Greek Bondholders Deal

Posted by on Feb 21, 2012 in Uncategorized | No Comments

Check out some of the excerpts of this on ZeroHedge.

In any case, Rule number one of staying up all night and doing things you regret, is to lie in bed the whole next day and ignore your phone and hope people forget what you did. Rule number 2 is not to go on TV and admit to the obvious mistakes less than 12 hours later




Dallara Tells BBC CDS Triggers Would Hurt Greek Bondholders Deal
2012-02-21 20:06:31.288 GMT
By Blanche Gatt
     Feb. 21 (Bloomberg) — Charles Dallara, managing director
of the Institute of International Finance, told the BBC in an
interview that while “there is nothing” to stop hedge funds or
other Greek debt-holders seeking to trigger credit default swap
insurance to retrieve more of their money than they’d get under
the negotiated debt swap, that would eliminate the chance for a
“successful conclusion” of the deal.
     “If too many go in that direction though, the system
breaks down, we will not have the successful conclusion of this
deal and then where will they be?” Dallara said, according to
the BBC, which included the comments in an e-mailed preview of
the interview to be aired on its Newsnight program tonight.
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To contact the editor responsible for this story:
Blanche Gatt at +44-20-7392-0351 or