''Greek credit-default swap causes concern over other EU bonds''

From RT

"Fears over the credibility of debt papers in major troubled economies have begun to mount after the International Swaps and Derivatives Association (ISDA) acknowledged a credit event for Greece.

The ISDA has said it will pay back the holders of insurance on Greek bonds, or Credit Default Swaps (CDS), with part of that money allocated to the government. Now experts wonder which other indebted economies will follow suit.

The deal "raises the question of which country is next and which banks are most exposed," Hank Calenti, a bank analyst at Societe Generale in London, wrote."

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