Hushed Up: Secret Panel Holds Fate of Greek CDS

WSJ: LINK

BY KATY BURNE AND TOM LAURICELLA

A secretive panel of representatives from 15 large banks, hedge funds and investment houses holds the key to potential multibillion-dollar payouts to investors as a Greek default looms. 

The group meets Thursday morning to rule whether Greece's debt restructuring should trigger payments on insurance-like contracts known as credit-default swaps, or CDS. 

The impact of their decision will reverberate beyond the narrow confines of the Greek debt market and could affect investors across other European bond markets and the holders of $2.9 trillion in CDS on government debt around the world. 

But some investors complain the process is shrouded in secrecy ...