March 9, 2012 / 11:00 AM / 7 years ago

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Greece says not worried by possible CDS payout

ATHENS (Reuters) - Greece is not worried about the fallout from any decision the International Swaps and Derivatives Association makes on whether credit default swaps must be paid out after a bond swap, Finance Minister Evangelos Venizelos said on Friday.

“This is not a concern for us because the net amount at stake globally if CDS are triggered is less than 5 billion,” he told parliament.

“This is a totally negligible sum for the Greek and the European economy.”

Reporting by Harry Papachristou, Writing by Deepa Babington

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