Tag Archives: PSI

The General Court of the European Union said on Thursday the European Central Bank does not have to compensate private holders of Greece’s sovereign debt who were forced to take losses during the 2012 international bailout of the country. Some investors were seeking compensation for the haircut they were forced …

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A retail investor in Greek bonds who wants to sue Greece over a bond haircut in 2012 cannot invoke EU rules to do so at home, an adviser to the EU’s top court said on Wednesday. The case was referred to the Court of Justice of the European Union by …

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I am at the end of my understanding of the world and creditors’ games. The one moment the European Commission whispers to media ears, that it prepares a debt relief for Greece’ debt, the next moment, a financing mechanism from the same Europe, claims the opposite. “Greece has already received …

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Breathtaking sums totaling one billion euro was given by several Greek  governments to banks, law firms and financial advisers during the years of loan agreements 2010-2012 . Alexis Tsipras, leader of main opposition party left-wing SYRIZA posed an official question to Finance Minister Yiannis Stournaras. Citing figures from the state …

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Chanting “Thieves”, “Liars”, “Thugs”, “Give us our money back” and hurling eggs dozens of Greek bond holders got out of control when the appointment with Nea Dimocratia secretary, Manilis Kefaloyiannis, was cancelled. The meeting was scheduled for 11 in the morning at the headquarters of the party of prime minister Antonis Samaras. …

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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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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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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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“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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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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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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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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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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The deadline on Greek bond swap deal ended on Thursday at 10 pm local time. Several Greek officials speaking to international media under condition of anonymity expressed optimism and ‘saw’ a participation of 80% . State broadcaster NET TV reported with reservation at 11:30 pm, that the particpication is 85% …

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The count down for the Greek bond swap (PSI) started. Some rush to participate and some rush to declare, that they will not. A friend of mine (let’s call her “Anna”) rushed to a bank today to declare that she does not want to participate. In January 2010, Anna thought …

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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 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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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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With the ghost of bankruptcy hunting them Papademos coalition government leaders agreed on four key issue – “basic points”- on the Troika’s demand that will create nothing more than a deeper recession and will crack down the backbone of the Greek economy with wages equal those of a third world country. After …

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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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