Payouts on credit default swaps covering Greek sovereign debt will not be triggered after the country last week passed legislation allowing it to strong arm private creditors into accepting losses on their holdings, a committee of dealers and investors decided today.

The committee noted, however, that the situation with Greece is "still evolving" and that even though it has ruled Greek CDS will not be triggered at this time, there is nothing stopping the same committee from forcing payouts from sellers of Greek CDS at a later date.