ISDA Makes It Official: Argentina in Default

The dust has settled and the International Swaps and Derivatives Association (ISDA) has formally declared the government of Argentina is in default of its bond obligations.

ISDA the only officially sanctioned organization to declare Argentina'sdefault

Although other organizations such as Standard and Poors were reported to have said Argentina was in default, ISDA is the only officially sanctioned organization to declare such a default that results in a payment of Credit Default Swaps (CDS) insurance. Such CDS insurance is a significant concern among knowledgeable market participants because the large banks and major financial institutions have issued sometimes seven to ten...