ECB Teaches Bondholders Greek Lesson // hat jemand Zugang zum WSJ für die ganze Story?

• HEARD ON THE STREET
• February 17, 2012, 2:09 p.m. ET

ECB Teaches Bondholders Greek Lesson

• Article
• Comments (17)

more in Heard on the Street »

BY RICHARD BARLEY

Greece's debt restructuring is becoming reality—and the reality of a sovereign-debt restructuring is that sovereigns have powers that other debtors don't. Friday's news that Athens has agreed to swap the European Central Bank's holdings of Greek bonds acquired for monetary-policy purposes for new bonds that won't be involved in any restructuring is a vivid demonstration of those powers.
The ECB bond swap may anger other bondholders. The ECB's new bonds have ...

SmartMoney Glossary: 

 

http://online.wsj.com/article/SB10001424052970204059804577229351454312864.html

• bond swap
• debt restructuring
• restructuring
• ECB