In recent blogs I have reported that the ISDA had attempted to redefine the Greek default.  Yesterday afternoon, their tune changed, by necessity.  Moody’s has stepped in and called the event a default.  The ISDA responded that a “credit event” had occurred: “LONDON, March 9, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA) … Continue reading The Greek Tragedy: Part 1