Good day. Well, the ISDA people did determine that what Greece did last week — invoking the CACs (remember, collective action clauses) — meant that Greece was in default, so it triggered the credit default swaps (CDSs) to be executed. Now, I find this to be very interesting in that ISDA is a group of [...] Greek Default Triggers Euro Weakness originally appeared in the Daily Reckoning . The Daily Reckoning, published by Agora Financial provides over 400,000 global readers economic news, market analysis, and contrarian investment ideas.