En US no se hubieran disparado los CDS

De acuerdo con Felix Salmon en Estados Unidos una restructura de la deuda no es un evento de crédito. Así que los CDS en el escenario de Grecia bajo las leyes americanas no se hubieran disparado dejando a los tenedores sin protección alguna.

In Europe, restructuring counts as a credit event; in north America, by contrast, it doesn’t. Which means that the derivatives market was pretty lucky here. If the standard Greek CDS documentation had looked like the standard US CDS documentation, there wouldn’t have been a credit event, as ISDA spokesman Steve Kennedy confirmed to me via email:

If you own CDS, and if you do not have restructuring as a credit event in your contract, it would not trigger if a CAC were invoked. You would know this going in. It is not a surprise.

The issue of restructuring as a credit event has been discussed