NEWS

Greece’s retail bondholders complain of post-PSI woes

Almost one in three of some 15,000 retail bondholders who lost around 75 percent of their savings when Greek sovereign debt underwent a haircut in 2012, known as the Private Sector Involvement (PSI), are now unable to pay their bank loans or tax bills, according to a survey carried out by the association that the investors have formed.

The group, which goes by the acronym SYFPOED, held a news conference on Tuesday to highlight bondholders’ plight.

The association said that 15 small-time investors have killed themselves since the PSI.

“There are many among us who have serious health problems and are not in a position to deal with them,” said SYFPOED’s vice president Yiannis Tsolias.

“Why? Simply because they trusted their homeland.”

According to the group’s survey 88 percent of its members said they were not advised of the risks when investing in Greek bonds, which were restructured two years ago in an effort to reduce Greek public debt.

MPs from most political parties attended Tuesday’s event, with Dora Bakoyannis of New Democracy and PASOK’s Dimitris Kremastinos among those who expressed support for the bondholders’ efforts to seek compensation for their losses.