Total confusion around this, as there is no formal Press Release from ISDA yet, but since this one comes from Bloomberg, let's assume they have double checked their data. From Bloomberg:
- ISDA EMEA DETERMINATIONS COMMITTEE: RESTRUCTURING CREDIT EVENT
- ISDA SAYS CREDIT EVENT HAS OCCURRED WITH RESPECT TO GREECE
- COMMITTEE DETERMINES AUCTION TO BE HELD ON MARCH 19
- ISDA EMEA: AUCTION TO BE HELD ON OUTSTANDING CDS TRANSACTIONS
This despite refutations from ISDA 15 minutes ago that no decision had been reached. Of course, if this is a spoof PR that has gotten half the media world confused, the farce will be 100% complete.
And now preparations for the physical CDS auction begin (for a primer see here from 2009). Furthermore, there are those who point out that Greece has just over $3 billion in net CDS outstanding, so it should all be contained. Well, Lehman had $7.2 billion. Ended up requiring a $20 trillion bailout of capitalism.