Dec 21 2011
Guidant Response: Greece Bond Swap Deal
News Brief By: Allen G. Yee
The situation in Greece could be a prelude to what can happen in other parts of the EU. The Greeks have spent all the money and are looking for others to pay; the negotiated 50% discount in bond repayment isn’t enough. They want a discount closer to 75% and the banks are pushing back, saying its way too low. One thing is certain, wealth will evaporate.
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Greek debt talks hit trouble as hedge fund walks out
By Lefteris Papadimas and Tommy Wilkes
ATHENS/LONDON (Reuters) – Talks over restructuring part of Greece’s massive public debt ran into trouble on Tuesday as one fund walked away from negotiations, fueling growing doubts about whether a deal that is crucial to a new bailout agreement can be reached this year.
Vega Asset Management, a Madrid-based fund, resigned from the steering committee representing private creditors negotiating a voluntary restructuring of Greek government bonds, two sources familiar with the situation said.
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