Who would win and who would lose if a reprofiling of Greek debt were treated as a credit event?

ECONOMIST: How the credit-default market will judge a deal on Greece

Should there be a dispute in the CDS market over a Greek reprofiling, it would be resolved by the International Swap Dealers Association (ISDA), a voluntary body which governs the market.

ECONOMIST: How the credit-default market will judge a deal on Greece

And while there are surely some legal loopholes to play with (which have been a big part of my assumption that things would work out), the key is that any changes, restructuring, reprofiling, etc. must be done right.

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