As speculation mounts about credit default swaps on Greece's debt, ISDA's determinations committee has the ultimate say on whether CDS are triggered. ISDA said it is too early to tell whether a recent haircut on Greek bonds constitutes a "credit event." "As such, it does not appear to be likely that the euro zone proposal will trigger payments under existing CDS contracts," according to ISDA. "However, whether or not it does so will be decided by the Determinations Committee on the basis of specific facts, if a request is made to them." Read ISDA's full statement.