Although it appears likely that Greece will be forced to restructure its mounting debt, a consensus is growing among market participants that the move would be deemed voluntary and would not trigger credit default swaps. "Greece has significant latitude to avoid triggering a CDS credit event, if it so desires," JPMorgan Chase analysts wrote. "Most likely Greece will pursue a combination of mild voluntary restructuring at a later date in combination with continued structural reforms and asset sales. In this case Greece could avoid a CDS trigger relatively easily."

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