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Tag Archives: PSI

Angry Greek Bond Holders Ηarass PASOK Leader Venizelos over PSI

Dozens of  Greek bond holders harassed former Finance Minister – now PASOK leader – Evangelos Venizelos and ex deputy finance minister Philipppos Sachinidis outside the Bank of Greece on Wednesday afternoon. Protest banner “Thieves. Bring our money back” The angry and frustrated Greeks spoke out heavy insults against Venizelos and attacked his …

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Athens-Thessaloniki: Angry Bond-Holders Threw Eggs at BoG Due to PSI

Chanting “Shame” and “Thieves” angry holders of Greek bonds threw eggs at the Bank of Greece and General Accounting Office in Athens and Thessaloniki. Several dozens of middle-aged protesters  raised their voice and express their anger about the Greek bond swap (PSI) that swallowed the savingss of a whole life. At least …

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IIF Spokeswoman: Charles Dallara Steps Down

Charles Dallara, who led the private banks’ side in grueling negotiations over writing down Greek debt, is stepping down as head of the Institute of International Finance, an IIF spokeswoman has said. 1 of 1 Last month in Dublin, Mr Dallara urged less fiscal pressure on Athens Dallara will stay …

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Greek FinMin Statement: Bond Maturing May-15 Will Be Paid

“Greece will pay the bond that matures on May-15, including interest rates” the finance Ministry said Tuesday in a statement. “This bond is part of bonds amounting 6.4 billion euros that were not offered to participate in the Greek Bond Swap (PSI) by their holders. The decision was carefully taken after thorough …

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EU Sends €25 Billion to Greece… for the Banks, Of Course

The Greek bond swap (PSI) of last March caused heavy losses for the banks. But no worries. EU is sending the money. Full 25 billion euro. Of course, recapitalisation of the banks is important to avoid economy collapse. Allegedly, the recapitalisation will help the banks with cash for the benefits of …

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Labour Minister: One Million Greeks Get Pensions 400-500 EURO

These are things we learn when some Greek official wants to argue on other issues. Minister of Labour and Social  Security Giorgos Koutroumanis said that one million pensioners receive just 400 to 500 euro per month. Speaking to private broadcaster ANT1 TV  Koutroumanis said that there have been no reductions in the pensions of …

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PSI: Greek Government Cheers & Activates CACs, Fitch Downgrades to “Restricted Default”…

The day started with euphoria in the Greek government, with Finance Minister Evangelos Venizelos expressed satisfaction about the PSI and said that the strong response of private-sector investors to the country΄s EUR206 billion debt restructuring plan was unprecedented and had surpassed expectations.  “The response exceeded all expectations” Venizelos told the Greek …

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PSI Participation Rate 85.8%, with CAC Activation 95.7%

The Greek Bond Swap (PSI) completed with a voluntary participation of 85.8%,  said a statement issued by the Greek Finance Ministry on Friday morning. Holders of 172 billion euros worth of bonds in total have agreed to the Greek bond exchange offer. The statement said further that 69% of non-Greek bondholders participated …

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Greek PSI: Venizelos Warns That Greece May Activate the CACs

Finance Minister Evangelos Venizelos warned that Greece may activate the CACs (collective action clauses) in case private creditors won’t participate in the bond swap, essential precondition for the second bailout for the debt-ridden country. “The deal is the best they would get” Venizelos told Reuters and warned that Greece would not hesitate …

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Fitch Downgrades Greece Over PSI

” Fitch ratings agency says it has downgraded Greece further into junk status, from ‘CCC’ to ‘C’ following the announcement of the details of the country’s debt swap deal with private creditors. The agency said Wednesday the downgrade indicated “that default is highly likely in the near term.” In June, the …

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Greece Fine-Tunes PSI and New Loan Agreement

Negotiations on the new loan agreement to Greece look as if they have not be concluded on Tuesday evening as it was planned. The meeting between PM Papademos with the coalition government parties leaders have been postponed again for Wednesday, sometime in the afternoon, Greek media reported. The Troika will …

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Greek-Troikan War in the Shadow of a “Default” Ultimatum

We could also title this article “Greek-Troijan War” with the Troika being on the Trojan front riding a Trojan horse. A trick-offer apparently aiming  to save the country but in fact targeting to economically destroy the Greek citizens. Dramatic negotiations without results so far are taking place under an extreme time …

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FinMin Venizelos: Moment of Truth for Greece’s Political Parties

 “Tomorrow is the moment of truth for all political parties.” Greece’s Finance Minister Evangelos Venizelos made this dramatic statement at the dawn of Saturday after a marathon meeting with Troika representatives that lasted 12 hours.  “We have resolved several issues but several critical issues remain open, issues that concern the future …

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WSJ: German-IMF Rift Stalls Greece Deal; PSI vs OSI

The PSI deal is here, there and everywhere… While Greeks, investors, several finance experts and journalists are eager to see the deal finally complete, it looks as if there is some rift that between two of Greece’s lenders and central players: Germany and the International Monetary Fund. Here is an excerpts from the interesting article by …

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