Greece has cleared another hurdle as it struggles to avoid default, going through with its highly controversial debt restructuring (dubbed PSI), and effectively forcing the International Swaps and Derivatives Association (ISDA) to rule, along with credit rating agencies, that the Hellenic Republic has indeed defaulted.

FORBES: Greek Default Provides Temporary Relief As EU Crisis Marches On

Athens is struggling and still needs the next tranche of bailout money, while the Troika has sought to extract further conditionality from the Hellenic Republic.

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