Total confusion around this, as there is no formal Press Release from ISDA [6]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 [7]). 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.