February 27, 2012
Estimated 85% of private bond holders have accepted swap
If "Collective Action Clauses" are implemented by the Greek government in order to force bond-swaps, this would trigger both an insurance event (if then classified as a 'credit event') by the International Swaps and Derivatives Association, and the credit ratings agencies could then declare the action a defacto default.
WIth the pressure on to push as many bondholder groups into the swap-deal, one of the surprising holdouts were six of the fifteen state-run Greek pension agencies.
Greece has €14.5 billion bond maturities to pay on March 20, and the tranche payment from the latest troika deal is being held until a deal is clinched with the private investors.
More about the Troika in Greece:
The June 2011 Troika Loan Plan
"Midterm" Troika plan passes Greek Parliament - June 2011
Troika primary requirement: Reduce the size of the Greek state - Sept 2011
Questions about Troika Powers in Greece - June 2011
Greece's Golden Visa program
