The Greek Parliament building
The State Bank settlement of Hypo Real Estate has defended for doing so, to have sent Greece more loans for debt consolidation with loss than necessary. “Since the FMS was value management for some of the affected bonds of the largest creditors of Greece, had to be correspondingly high value management in order to avert an imminent default by Greece participation of FMS”, a spokesman for the bad bank said on Friday that newspaper. He pointed out that “may not have been prevented a disorderly Greek default” without a high participation rate in the debt restructuring would be. “This would have far more serious consequences for the FMS value management and thus triggered for the German taxpayer,” the spokesman said.
The Bad Bank was the property lender Hypo Real Estate after the European Central Bank with more than 9 billion euros of Greece’s largest creditors. Around the liabilities section of the country in the spring of 2012, she suffered losses of eight billion euros. In its Thursday edition, this newspaper has revealed that 2.56 billion euro loss could have been avoided. These would have the bad bank those bonds, applies to the foreign law, must keep. Because these loans is charged to Greece now fully back. Instead, they sold the bonds to hedge funds or submitted it without forced to reschedule. So far, the bad bank had always referred to their losses with Greek bonds as inevitable.
In Berlin the unveiling of this newspaper provided for critical demands. “The report is a serious process,” said the deputy chairman of the SPD parliamentary group, Carsten Schneider, this newspaper. It urgently needs to be clarified whether it constitutes negligence or a deliberate decision was taken in 2012. “We will bring this to the established parliamentary fora. ., If the report is true, this may have consequences “The fiscal policy spokesman of the Green parliamentary group, Gerhard Schick, the newspaper said:” The fact that in the case of Greek bonds of Hypo Real Estate losses for the taxpayer could have been avoided, is bitter. I’ll dig deeper again in the financial market committee. Because the argument of the FMS value management is not yet convinced me, “Schick said.
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In the federal press conference, a spokeswoman for the Ministry of Finance tried the responsibility away from her house. “That was a decision of the FMS value management.” They have acted within its statutory mandate and its own responsibility according to economic criteria. There had not been an accurate assessment, with which bonds to participate themselves. The jurisdiction of the various bonds had been taken into account. When asked whether it could have bugs against, they did not want to respond.
The FMS value management resists especially against the accusation that they had brought from Greece carelessness or even stupidity billion euros. “The assumption that there was no understanding of the difference between issued under Greek law and foreign law Greek bonds is incorrect. The legal system of the respective bonds was and take into account in the decision, “said the spokesman of the bad bank. Elsewhere it was said that they had taken the debt waiver aware. In contrast, it was in Berlin, today we would be able to decide otherwise.
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