They were forced to use CAC to complete deal.
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yikes! what a mess
That was the expectation. They had to have sufficient participation to allow them to use the CAC and force the rest. This will trigger the credit event and activate the CDSs… if there is any justice in the system.
Investors ‘participated’ the same way a robbery victim ‘participates’ in the crime.
In an ideal world the CDS would trigger, it would be a complete non event and as a result all leaders involved would realize it is in Europe’s long term interest to grow a pair and uphold the rules currently in place instead of trying to bend and change them as they go along in order to make everyone win.
What can I say, I’m a dreamer.