International Swaps and Derivatives Association and South American Country

South American country: The global banking sector regulator said in a statement online that Swiss bank UBS had asked determinations committee to assess the Argentine case after the South American country missed a June 30 deadline to pay interest on its bonds , according to Deutsche Welle. The request came after Buenos Aires on Wednesday failed to strike a deal with hedge fund investors who had refused to participate in a 2005 debt restructuring of nearly $100 billion 74 billion euros in defaulted Argentine arrears and The International Swaps and Derivatives Association announced Thursday that it had received the first request to consider whether a "failure to pay" credit event must be declared in the case of Argentina. Any ruling that a credit event had occurred would trigger a series of insurance payments, including Argentine Credit Default Swaps CDS , and give bondholders the right to demand their money back immediately. (news.financializer.com). As reported in the news.