Market participants are concerned that if credit default swaps on Greek debt are triggered, technical factors could distort auction results. "There is a tail risk of the final settlement of Greek CDS not going very well, and the payout being bigger or smaller than some people might expect," said Michael Hampden-Turner, head of European collateralized debt obligation strategy at Citigroup. "The concern is that now everything is running to such a tight timescale, there's not enough time to have a proper CDS auction before all the bonds have been exchanged."

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