A round-up of the key stories across the specialist financial media, including news that ISDA has confirmed that CDSs will not need to pay out as a result of the Greek bond swap.
Greek default insurance doesn’t need to pay out after bailout, ISDA says
Default insurance on Greek debt won’t be paid out, the International Swaps & Derivatives Association said after it was asked to rule whether part of the nation’s $170 billion bailout was a credit event.
China has made a sharp shift away from purchases of U.S. securities, slashing the dollar's share of the country's foreign reserves in what may signal a change in strategy for managing the massive cash pile, Dow Jones calculations indicate.
Euro zone factory activity falls, periphery pain intense
The euro zone's manufacturing sector contracted for the seventh straight month in February, with factories in the bloc's struggling indebted states facing some of the toughest conditions on record, a business survey showed on Thursday.
