The foreign-law distinction, encore
Holding foreign-law bonds in preference to domestic-law in peripheral eurozone sovereigns: such a cliché now, they built the Greek PSI around it.It also made it possible (though...
Oh, Greek moratoria (redux)
EFSF will make €5.2bn payment to Greece – ReutersAlthough €4.2bn will be disbursed on 10 May and the rest has been held back because Greece doesn’t need it until June,...
Oh, Greek moratoria
*Tsipras says must be moratorium on Greece debt paymentsThat, earlier on Tuesday, was Alexis Tsipras – head of Syriza and current owner of the mandate to form a coalition...
If you thought Greek bondholders were subordinated…
Subordination of private bondholders by the official sector is already very acute. This means that the more a PSI exercise is delayed, the higher the haircut on the notional needs...
Those new Greek bond yields…
Update – Aargh maybe we do have to stay up. Reuters has a Greek official bandying round a nearly 95 per cent participation rate figure. Also see the FT’s update below....
Now witness the firepower of this fully armed and operational collective action clause, etc
Latest from the Greek finance ministry (its debt manager has met German banks):The Republic confirmed that if it receives sufficient consents to the proposed amendments of the...
Finland’s got a secret
A reader passes on this curious detail from a Finnish MPs’ debate on Greece (via Helsingin Sanomat):Some MPs expressed shock that the Ministry of Finance decided to keep...
The worlds inside a Greek GDP warrant
Let’s start by saying you’re a bondholder mulling Greece’s PSI offer this weekend. (Or you’re Maynard, after a hellish week, reflecting on the offer that...
Greek PSI — the offer
Click image for the full release doc — we’re still waiting for the technical memo stuff:
Metaphors to while the night away
With a long night of Euro-deal watching ahead we thought we would leave you some mixed-metaphors to mull over.This is from Gabriel Sterne over at Exotix (emphasis his):Taking...
ECB seniority and dirty hands
First, do read Dan Davies’ bailout options post if you haven’t already. It’s like a Greek Kobayashi Maru. Except you have no hope of ending up like James T Kirk....
Bailouts and obsolescing bargains
The central administration lacks the management, oversight and co-ordination structures to support effective implementation and long-term management of policy measures, including...
