MUNICH (dpa-AFX) – The bad bank of nationalized property lender Hypo Real Estate has defended its actions in the context of Greek bonds. We have participated at the statutory order on his own responsibility and according to economic criteria on debt cut for Greece, the EAA FMS value management (FMSW) said on Friday in Munich.
So they responded to a report of the “Frankfurter Allgemeine Zeitung “(Friday), in which there was mismanagement at the bad bank of the question. You’ve Greece and hedge funds voluntarily leave 2.56 billion euros in 2012, by order filed for a bond with a volume of 2.7 billion euros for debt restructuring in Greece a loss of almost 2.1 billion euros have accepted, was there. In addition, the bad bank bonds have sold to hedge funds with 475 million euro loss. The Federal Ministry of Finance, the bank rescue fund Soffin and in the FMSW you did not know that it was more valuable bonds.
This rejected the EAA. The legal situation surrounding the debt is then considered separately and were included in the decision, it said. Basically applies: If the required participation rate did not come with the haircut reached, then a disorderly Greek default would not be able to be prevented. “This would have far more serious consequences for the FMS value management and gave rise to the German taxpayer,” said the EAA. / Csc / DP / fbr
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