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UPDATE: Greek Government To Announce PSI Results Early Friday
ATHENS (Dow Jones)--The Greek government will announce early Friday the results of investors' participation in the country's ambitious debt restructuring plan, known as the Private Sector Involvement, or PSI, a person close to the finance ministry said Thursday.
An announcement will be published Friday morning at 0600 GMT on the official government website for the exchange [https://www.greekbonds.gr]. The deadline of bids is Thursday at 2000 GMT.
Greece is optimistic the participation will surpass 75%, people involved in the process said. "The participation will be quite substantial," one person said. "The target is to hit 80%."
Asked if Athens will enforce collective-action clauses he said: "We will have to see the final number and we will then decide in agreement with our partners in the euro zone." However another person close to the process said that activating the CACs "is almost certain."
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Can you help answer these questions from other members on NexusFi?
""The rule of law has been treated with contempt," said Marc Ostwald from Monument Securities. "This will lead to litigation for the next ten years. It has become a massive impediment for long-term investors, and people will now be very wary about Portugal."
At the start of the crisis EU leaders declared it unthinkable that any eurozone state should require debt relief, let alone default. Each pledge was breached, and the haircut imposed on banks, insurers, and pension funds ratcheted up to 75pc.
Last month the European Central Bank exercised its droit du seigneur, exempting itself from loses on Greek bonds. The instant effect was to concentrate more loss on other bondholders. "This has set a major precedent," said Marchel Alexandrovich from Jefferies Fixed Income. "It does not matter how often the EU authorities repeat that Greece is a 'one-off' case, nobody in the markets believes them." Legal skull-duggery in Greece may doom Portugal - Telegraph
"Traders priced in the profound doubts surrounding a programme which aims to cut Greece's debt from a towering 160 percent of its annual economic output now to a slightly more manageable 120 percent by 2020.
On the grey market, they indicated prices far below the face value of new bonds which will be issued to creditors on Monday."
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
"The bailout — plus an agreement endorsed Thursday by most private lenders to reduce Greece's debts — "does more to protect Europe from Greece than for Greece itself," says Jacob Funk Kirkegaard, research fellow at the Peterson Institute for International Economics."
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Statement by IMF Managing Director Christine Lagarde on Greece
Press Release No. 12/72
March 9, 2012
Managing Director Christine Lagarde of the International Monetary Fund (IMF) today made the following statement on Greece:
“Today I have consulted with the IMF’s Executive Board and on that basis, as discussed with the Greek government, I intend to recommend a €28 billion (about US$36.7 billion) arrangement under the Fund’s Extended Fund Facility (EFF) to support Greece’s ambitious economic program over the next four years.
“Restoring competitiveness and a sustainable fiscal position will require Greece to undertake sustained and deep structural reforms over a prolonged period. My decision to recommend to the IMF’s Executive Board that the Fund should continue to assist Greece in this endeavor by providing substantial financial support over an extended period of time would be commensurate with the long-term nature of the challenges facing Greece and with the significant financial contributions provided by the private sector and by Euro Area member states. The scale and length of the Fund’s support is a reflection of our determination to remain engaged.
“I welcome the cooperation of the private sector in participating in the debt exchange offer by the Greek authorities. This is an important step that will dramatically reduce Greece’s medium-term financing needs and contribute to debt sustainability. The IMF’s continued support would be part of an integrated package where all parties—the Greek government, its European partners, the private sector, and the Fund—would play their part to help the Greek people overcome this crisis and over time restore growth, thus contributing to broader global financial stability.
“I will put this proposal to the IMF’s Executive Board next week for review.”
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
