Thursday Jul 31, 2014 Search
Weather | Athens
32o C
25o 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.

Darts 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 Greeces eurozone partners, was to not pay the bond. However, the uncertainty over Greeces 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)  
Traders unhappy with turnover
No rivals for Intralot as it bags racing bet permit
Energy cost cuts even without EU approval
KEPE: Greek economy returned to growth in Q2
Plan to restore Asopos River enters final stage
Plans are in the final stage for the ecological restoration of Asopos River in Central Greece following a deal to install an integrated water resources management system. The 37.6-million-eu...
Manolada shooting verdict to be reviewed
The Supreme Court is to review the decision by judges in Patra to acquit two of the four men charged over the shooting of 28 migrant workers at a strawberry farm in Nea Manolada last year. S...
Inside News
SOCCER
Goalless draw at Liege puts Greens in driving seat
Panathinaikos got the upper hand in the battle for entry to the Champions League playoffs after snatching a goalless draw at Standard Liege on Wednesday. If anything, the Greek cup holders m...
SOCCER
Greek league recruits former referee Dallas
Former referee Hugh Dallas has been appointed as the head referee of the Greek Super League, the Hellenic Football Federation (EPO) said in a statement on Wednesday. The 56-year-old Scot ear...
Inside Sports
COMMENTARY
Summer turbulence
High summer temperatures appear to have messed with the reflexes of officials at the top echelons of Greeces power-sharing administration. A sense of anxiety has gripped the political syste...
EDITORIAL
Capital upgrade
After years of financial troubles, the city of Athens is finally buzzing with tourists. Despite some encouraging figures however, the Greek capital has not quite managed to become a destinat...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Traders unhappy with turnover
2. No rivals for Intralot as it bags racing bet permit
3. Energy cost cuts even without EU approval
4. KEPE: Greek economy returned to growth in Q2
5. July becomes fourth straight month of bourse loss
6. Plan to restore Asopos River enters final stage
more news
Today
This Week
1. Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
2. Euro flows reveal shift in sentiment as losses mount
3. Greece may ignore EU and lower energy costs for business, says minister
4. EU puzzles over emergency funds for euro area bank crisis agency
5. Only 5 percent of stores see brisker business during this year's summer sales
6. Fake psychic caught in Thessaloniki after gaining 35,000 from victim
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
3. Defense Minister Avramopoulos to represent Greece at European Commission
4. Wine cup used by Pericles found in grave north of Athens
5. Front-line threats
6. Worlds largest solar boat on Greek mission
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.