Datum: Heute, 21:12
Greece pays €40-million in fees to rip off its bondholders
Michael Babad - The Globe and Mail
Greece details fees
It cost Greece some €40-million in fees - that's more than $50-million (U.S.) - to rip off its bondholders.
The Greek finance ministry disclosed the amounts it's paying to lawyers and other advisers for their work on the bond swap, the world's biggest ever sovereign debt restructuring, Bloomberg says.
Athens doesn't call it stiffing the bondholders. It calls it a "voluntary" effort by the group, which took huge losses on the paper, made a huge dent in the country's debt and paved the way for more bailout money, though some observers believe a further rescue will still be needed.
According to Bloomberg, fees to Lazard Ltd. have a ceiling of €25-million. The law firm on the deal, Cleary, Gottlieb Steen & Hamilton, has taken in €6.5-million so far. Those closing the deal, already pegged as Deutsche Bank and HSBC Holdings, get up to €4-million.
Michael Babad - The Globe and Mail
Greece details fees
It cost Greece some €40-million in fees - that's more than $50-million (U.S.) - to rip off its bondholders.
The Greek finance ministry disclosed the amounts it's paying to lawyers and other advisers for their work on the bond swap, the world's biggest ever sovereign debt restructuring, Bloomberg says.
Athens doesn't call it stiffing the bondholders. It calls it a "voluntary" effort by the group, which took huge losses on the paper, made a huge dent in the country's debt and paved the way for more bailout money, though some observers believe a further rescue will still be needed.
According to Bloomberg, fees to Lazard Ltd. have a ceiling of €25-million. The law firm on the deal, Cleary, Gottlieb Steen & Hamilton, has taken in €6.5-million so far. Those closing the deal, already pegged as Deutsche Bank and HSBC Holdings, get up to €4-million.
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