Bild newspaper says it will hold out on Greek debt deal

Germany?s Bild newspaper has confirmed that it will be among the private holders of Greek debt that will not voluntarily offer their bonds for a haircut by the Thursday deadline.

?We say ?No?? said the newspaper in an article on Wednesday, labelling the debt restructuring scheme that is set to reduce the amount Greece owes by more than 100 billion euros as ?not genuine help for Greece? and a ?sham.?

Bild believes that only a Greek euro exit would help the country ?get back on its feet?. It also expressed doubts about whether a new government elected after snap election set for April would stick to the terms of the new bailout that is tied to the debt restructuring.

The daily said in January that it has bought two Greek bonds. Bild revealed that it invested just over 10,000 euros in Greek debt, buying the bonds at less than 50 percent of their face value.

One note matures on March 20, the other on May 20, 2013.

Bild said it would be among those investors who hold out in the hope that Athens will pay the full value of the bonds.

This would mean the German daily could more than double its money. If it takes part in the haircut, the newspaper is set to receive about 3,000 euros in return for its investment.

It said that any profits would go to charity.

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