CDS case goes to trial

An Athens court on Thursday heard a case brought by Andrikos Papandreou (photo), the brother of former Socialist Premier George Papandreou, against Independent Greeks leader Panos Kammenos, who had accused the former of involvement with a firm that profited from the purchase of credit default swaps (CDS) insuring against a Greek bankruptcy.

CDS are financial instruments that protect investors against losses in the event of a sovereign default.

Papandreou sued Kammenos for 1 million euros for moral damages.