Deputy Finance Minister Giorgos Chouliarakis approved the cooperation between Greece and the financial advisory group Rotschild & Cie. The banking group is to help Greece return to the bond markets.
According to the decision published today in Diavgeia system of public spending, the company will receive a total of up to 3.5 million euros for the services to the Greek government, provided the consultation leads to successful return to the bond markets.
€99,000 are to be paid within 60 days from the publication of the decision
€99,000 payment due by May 31st 2018 as long as the financial services continue after Jan 25 2018 and do not go beyond Jan 25 2019.
Success Fees: Provided that the objective of the return to the markets is achieved through the issue of government bonds maturing at least 24, the total amount of 3 million euros will be paid as follows: up to 1.5 million euros will be due after the first issue and another 1.5 million after the second consecutive issue.
The services include among others the review of the debt relief measures to be submitted by the European creditors and the International Monetary Fund, processing, evaluating and submitting proposals for the management of the Greek government debt portfolio, providing expertise and suggestions on credit rating issues and facilitating contacts with various key players such as international investors and financial institutions in preparation of Greece’s return to the markets.
The cooperation decision does not clarifies terms like the interest rate under which Greece will return to the markets. At least, not in the decision uploaded in Diavgeia.
The appointment of Rothschild & Cie needed a ministerial decision.
Rotschild as sovereign debt adviser replaces US investment bank Lazard, which worked on Greece’s bailout talks in 2012, and is currently acting as financial adviser to the Greek Ministry of Energy.
Prime Minister Alexis Tsipras had met with Rotschild’s managers in Paris last February.
Rothschild’s eh? What else is new: the unconsulted Greek taxpayer has been paying off Rothschild loans since Otto decided he needed more money. And the Rothschild’s “right” to live in Greece is written into the constitution, isn’t that odd. But how **convenient** for good relations with Emmanuel Macron, especially after Varoufakis’ ringing endorsement.
I wonder if Varoufa will suddenly *emerge* as OUR Macron….young, ‘sexy’, anti-sovereign, pro-EU, pro-immigration globalist….