Wednesday April 1, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
US vulture fund profits from bond payout

Most of the money Greece used to pay in full a 436-million-euro foreign law bond on Tuesday went to a vulture fund, the New York Times has reported.

“Almost 90 percent was delivered to the coffers of Dart Management, a secretive investment fund based in the Cayman Islands, according to people with direct knowledge of the transaction,” the newspaper said.

“Dart is one of the best known of the so-called vulture funds, which have a track record of buying the distressed bonds of nearly bankrupt countries — and if they do not get paid, suing the governments for the money.”

Dart is likely to have bought the bond on the secondary market for 60 to 70 percent of its face value. Private investors, including some 11,000 retail bondholders in Greece, had to accept a 75 percent haircut on their notes in February as part of a debt restructuring scheme.

“Dart’s payday may well offer encouragement to other holdouts among investors now in possession of about 6 billion euros in Greek bonds. Another payment is due in September, although for a lesser amount,” writes the New York Times.

Greece has not explained why it paid the bond in full. Party leaders discussed the issue when they held talks with President Karolos Papoulias but it was decided that outgoing Prime Minister Lucas Papademos should take the final decision. The initial position, which had been backed by Greece’s eurozone partners, was to not pay the bond. However, the uncertainty over Greece’s future caused the eurozone to waver and Greek officials to opt for the safer option of paying up in full.

“They caught us at the weakest possible time,” Gikas Hardouvelis, a senior economic adviser to Papademos told the New York Times. “But it does not prejudice future judgments on this matter.”

ekathimerini.com , Wednesday May 16, 2012 (11:10)  
Business sentiment in decline
Ministry headache over T-bills
Lafazanis reaches preliminary energy package deal in Russia
Bank recap cash can’t be used for other purposes
Finance Ministry officials to discuss talks progress as EU pushes for action
After several days of talks between representatives of Greece’s government and its creditors in Brussels on a proposed list of economic reforms, eurozone finance ministry officials are to di...
Trial of suspects in Salamina torture case starts
The trial of four men accused of torturing an Egyptian bakery worker on the island of Salamina in the summer of 2012 is to resume on April 30 after the victim, Walid Talb, and several witnes...
Inside News
BASKETBALL
AEK could get a wild card to the Euroleague
AEK shows capable of climbing as high as third in the Basket League, as its 16-point home win over third-placed Aris on Sunday confirmed it can challenge both Aris and PAOK to the first spot...
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
Inside Sports
COMMENTARY
Amateur antics or overstepping the mark?
There are 149 plus two reasons why those who have been watching SYRIZA’s progress since its start cannot and never will be able to stomach the leftist party’s coalition with Independent Gree...
EDITORIAL
A pointless debate
Monday’s parliamentary debate between the country’s political leaders left a lot to be desired. There was no information whatsoever about the coalition government’s proposed reforms or the p...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. AEK could get a wild card to the Euroleague
2. Business sentiment in decline
3. Ministry headache over T-bills
4. Lafazanis reaches preliminary energy package deal in Russia
5. Bank recap cash can’t be used for other purposes
6. EIB said to have frozen funding
more news
Today
This Week
1. Amateur antics or overstepping the mark?
2. Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
3. Investment guru Mark Mobius rules out Grexit, advises sell-offs
4. Greece, EU/IMF lenders end round of technical talks without deal
5. A pointless debate
6. Greek government proposes measures worth 3.7 bln
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Greece optimistic on deal with euro area next week
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.