Greek swaps contract drama continues

End-users in Greece are still unable to make cross-border payments on derivatives contracts more than a month after the country's capital controls were first imposed.

While Greek banks reopened their doors on July 20 after a three-week closure, the capital controls still prevent them making cross-border payments in certain scenarios. The act setting out these controls allows an exemption for banks making payments to meet their own obligations on derivatives contracts but does not extend it to