Key Points:

1)  Greece announces results of PSI bond restructuring;
2) International Swaps and Derivatives Association unanimously declares Greece PDI a  “credit event” triggering CDS;
3)  Greece PSI bonds begin trading when issued;
4)  Italy 10-year sovereigns tighten 59 bps through Spain 10-years;
5)  Major Eurozone bank stocks  have worst week since Jan 6th;
6)  Portugal 10-year sovereigns widen 117 bps over German bund.

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