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SocGen CEO downplays Greek CDS hit for banks
March 14, 2012 / 8:38 AM / 6 years ago

SocGen CEO downplays Greek CDS hit for banks

PARIS, March 14 (Reuters) - Societe Generale Chief Executive Frederic Oudea said on Wednesday that the triggering of credit default swaps on Greek sovereign debt in the case of a default did not represent a significant challenge for any bank.

Holders of Greek default insurance have secured a payout after Athens used legislation to force unwilling bondholders to take losses, although the level of payout on the net $3.16 billion of outstanding Greek CDS contracts has yet to be determined. (Reporting by Matthieu Protard; Editing by James Regan)

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