Greek bank holiday sparks swaps contract chaos

Greek end-users are unable to make payments

The extended bank holiday in Greece has made it impossible for derivatives end-users in the country to make payments due on outstanding contracts – leaving dealers and clients scrambling for answers.

Greek prime minister Alexis Tsipras's decision to call a surprise referendum on June 28 prompted the European Central Bank (ECB) to freeze the amount of emergency funds it provides to the country's banks – forcing the government to decree a bank holiday pending the result of the ballot and subsequen

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: