Carl Weinberg, chief economist at High Frequency Economics, says an agreement regarding a 50% haircut on Greek debt could have significant consequences for Portugal, Italy, Ireland, Greece and Spain. Weinberg voices concern about ISDA's determination that the haircut is voluntary and will not trigger credit default swaps. "After this ruling, anyone who thinks their sovereign-bond holding is protected by a credit-default swap has to think again, because the CDS protection may turn out to be worthless," he writes.

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