Monday December 22, 2014 Search
Weather | Athens
13o C
8o 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)  
Spanish bond gains push yield to record low as Greek debt rises
Low costs, yield hunt to propel long-term euro zone bond sales in 2015
Greek current account deficit shrinks in October
Energy shares and Greek rebound lift European equities
Bomb hoax at SYRIZA HQ in central Athens
The threat of a bomb being planted at SYRIZA’s headquarters in central Athens proved to be a hoax. The party’s offices on Koumoundourou Square were evacuated at lunchtime on Monday after a c...
DIMAR not poised to break apart, insists spokesman
Democratic Left’s parliamentary spokesman Nikos Tsoukalis has rejected a report claiming that his party may be on the point of breaking apart. “This report is so far from the truth that I do...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Klaus Regling stresses debt sustainability through commitment to reforms
BRUSSELS – The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official w...
INTERVIEW
‘Crisis of confidence will come back again and again,’ says Thomas Piketty
He’s treated like a rock star wherever he goes to lecture. His book “Capital in the 21st Century,” a study on income and wealth inequality from the 18th century to the present, recently tran...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Bomb hoax at SYRIZA HQ in central Athens
2. DIMAR not poised to break apart, insists spokesman
3. SYRIZA offices in Athens evacuated after bomb threat
4. Spanish bond gains push yield to record low as Greek debt rises
5. Low costs, yield hunt to propel long-term euro zone bond sales in 2015
6. Greek parliament vote in balance after Samaras election offer
more news
Today
This Week
1. Prosecutor gathers depositions in Independent Greeks 'bribe' probe
2. Euro shaky on ECB and Greece, dollar keeps edge
3. Government accuses SYRIZA and Independent Greeks of 'clear alliance'
4. Draghi starts squaring QE circle in month of persuasion for ECB
5. Greek parliament vote in balance after Samaras election offer
6. Parliament's ethics committee to look into independent MPs' comments
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. High stakes
3. Europe's drama in Greece needs final act to avoid tragedy
4. A friendly yet firm message from Pierre Moscovici
5. On the edge but not gutless
6. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.