Greece’s biggest holdout, dealt with? [updated]
Goodbye to one massive FT Alphaville bugbear, anyway? An interesting story from Stephen Fidler of the WSJ/DJ FX Trader:The ECB has agreed to exchange the government bonds it...
Otto’s revenge
- Parachuted in by the great powers of the time- Specifically, parachuted in by the great powers of the time to ensure Greek payment on their sizeable official loans- Subordinating...
The preferred, puzzling, ESM
Eurozone states signed the final version of the treaty establishing the European Stabilisation Mechanism on February 2.(Click the image for the full document)The ESM treaty...
Bilaterally — yours?
The FT’s James Mackintosh recently pointed out an interesting provision in the loan agreement Greece has with its bilateral official creditors – its fellow eurozone states....
There are official creditors, and there are “official” creditors
The unstoppable force…“If the level of Greece’s privately held debt is not sufficiently renegotiated, then public creditors, holders of Greek debt, will also have to...
Dealing with Greece’s biggest holdout
If you didn’t believe us that the European Central Bank will do everything it can to achieve seniority for its Greek bonds in the country’s debt restructuring, hopefully...
To ring-fence the ECB in Greece… or not
There was a nice line in the FT’s latest story on Greece’s debt restructuring:Questions are also being raised about the ECB’s estimated €45bn of Greek sovereign holdings....
The IMF’s Greek sunk cost
Chart of the week — from Gabriel Sterne of Exotix:Bit of a wonkish one, we know, but bear with us.It more or less sums up this week’s IMF review of the Greek bailout —...
The IMF on a coercive Greek debt restructuring
We think the IMF just might be trying to say something to those who are still looking for a “voluntary” Greek bond write-down.Interesting set of quotes dotted around the Fifth Review:...
Procrastination kills, Greek debt edition
FT Alphaville is still confused by eurozone bigwigs’ promise that they’ll follow “IMF principles” to be friendly to bondholders in sovereign debt bailouts....
Whose PSI is it anyway?
As regards private-sector involvement, we have made a major change in our doctrine: from now on we will strictly adhere to the IMF principles and doctrines… Or, to put it more bluntly,...
Meanwhile, in Greek haircut plans
It’s a bit weird to focus on this when the Greek government still doesn’t know when, or if, it’ll get its delayed bailout loan. (Which would plunge Greece into...
