The international markets are on pins and needles awaiting the outcome of the debt swap in Greece. Some reports have the total coming in well over 70% participation, but there has supposedly been a report on Greek television that the participation rate is now going to be over 95%. If there is on bogey or proxy in New York trading for Greece’s ups and downs, it is none other than National Bank of Greece (NYSE: NBG).
Take a look at the American Depository Receipt’s movement today, and the fears of an outright default look far better. NBG shares are up 7.6% at $3.54 at 3:20 PM EST after the cut-off for voting came.
We still have questions about what this truly means for the credit default swap market in the long run, but as we admitted in that pondering… maybe the woes for the CDS market should be more deeply considered in 2013 and beyond rather than at the moment in 2012.
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