Tuesday, March 24, 2015

Hedge funds and speculators: The billion-dark figure: Greece piles … – ABC Online

Tuesday, 24.03.2015, 09:53
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Greece owes not only public creditors, but also hedge funds and speculators billion. The Finance Agency in Athens does not have these bonds. So far, the debt was in spite of all holes in the state budget always operated – now the situation is different

Greece is once again on the verge of bankruptcy and in addition to hundreds of billions. of debt to its euro partners and the International Monetary Fund (IMF) to pay too high bills for hedge funds and other speculators. The Government of Alexis Tsipras is tough when it comes to the debt burden to renegotiate with public funding. Conflicts with aggressive investors but they seem to shy away yet.

As the euro-crisis state has its private creditors in 2012 forced a restructuring, some investors were from the fierce depreciation spared. Before the haircut hedge funds accumulated a Greek government bonds, which were under international law. In this paper Athens had no access.

Hedge Funds before haircut

The access to the bond market was sure was a “No Brainer” – a surefire bet – said the head of a New York hedge fund that time. For professional investors, the maneuver is likely to have already paid off quickly. From debt cut the funds were spared little later incorporated the first approximately 600 million euros in interest.

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After that, it was surprising quiet around the bonds, the value at that time amounted to about 6.5 billion euros. Like many of the debts still exist today, answered the Greek Finance Agency as little as the question of when the titles are due. Even in a collection of Greek Zahlungsverpflichten the Brussels think tank Bruegel not appear on the papers

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the debt itself, have vanished into thin air?

The “Wall Street Journal” has all the timing of payments of Greece to the year 2054 published in summary form. The debt to the “holdouts” as the hedge funds and other objectors of haircut hot in the financial jargon are, however, not detected, it said in a footnote. Vanished into thin air, the bonds have no means.

“So far, the holdouts in Greece shall be paid,” said expert Robert Tancsa by the investment bank Morgan Stanley, the news agency dpa. The outstanding volume of bonds amounts to 3.4 billion euros. This would mean that Athens since 2012, more than three billion euros would have been transferred to the unruly investors. A payment boycott would be dangerous: Should refuse Greece, litigation is programmed before international courts and with professionals who have specialized in just such cases.

In June and October, 282 million due

The next bonds of the holdouts are due in June and October. Although to be served this year, according to Morgan Stanley “only” 282 million euros. Faced with a debt burden of around € 320 billion may seem small sum. On the other hand, the financial situation is so precarious that Athens may need every euro – and this has worsened again and not just since the situation after the change of government.

The Finance Minister Giani Varoufakis recently said: “Clever people in Brussels, Frankfurt and Berlin already knew in May 2010 that Greece would never repay its debts.” Whether because the hedge funds will continue to operate – that he can still unresolved. The investors hold also covered. “No comment,” it says in New York

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