Argentina defaulted for the second time in 12 years yesterday, after last-ditch talks with what it called "vulture" creditors failed, though debt insurance prices suggested investors believed a deal could eventually be reached.
Many of the world’s largest investment banks have been accused of secretly acting together to maintain fees they made from financial products known as credit derivatives.
Eircom is technically in default, triggering the payment of credit-default swaps, according to the International Swaps and Derivatives Association.
Asian stock markets were mostly lower today after China’s trade figures underlined a slowdown in the world’s number two economy.
A massive debt relief deal for Greece constitutes a so-called credit event, meaning it will trigger payouts on bond insurance, the agency that oversees financial derivatives said.
Dublin: The International Swaps and Derivatives Association said yesterday a restructuring credit event occurred at Irish Life & Permanent Group two days previously.
BANK of Ireland won temporary European Union approval to receive as much as €5.35 billion from the Irish Government.
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