Kündigung des GRI-CHF-Bondes GRI05 auf Grund des "Finnenpfandes" ?

Status of the Bonds and Negative Pledge

The Bonds and Coupons constitute direct, general, unconditional, unsubordinated and, subject this Section,
unsecured obligations of the Borrower.

The Bonds rank pari passu with all other unsecured and unsubordinated
obligations of the Borrower outstanding on July 5, 2005 or issued thereafter without any preference
granted by the Borrower to one above the other by reason of priority of date of issue, currency of payment,
or otherwise. 

The due and punctual payment of the Bonds and the performance of the obligations of the
Borrower with respect thereto is backed by the full faith and credit of the Borrower.


So long as any Bond remains outstanding, the Borrower shall not create or permit to subsist any mortgage,
pledge, lien or charge upon any of its present or future revenues, properties or assets to secure any External
Indebtedness, unless the Bonds shall also be secured by such mortgage, pledge, lien or charge equally and
rateably with such External Indebtedness or by such other security as may be apporoved by an Extraordinary
Resolution of the Bondholders (as described in Section 14).

“External Indebtedness” means existing and future indebtedness for borrowed money of the Borrower or the
Bank of Greece (which in the case of the Bank of Greece was incurred on or before December 31, 1993 for
or on behalf of, or for the purposes of lending or assigning an amount equal to all or part of such indebtedness
(whether or not in the currency of such indebtedness) to, the Borrower) expressed or payable or optionally
payable in a currency other than the lawful currency of the Borrower (including any guarantees given by
the Borrower of any existing or future indebtedness for borrowed money of any other person which indebtedness
is expressed or payable or optionally payable in a currency other than the lawful currency of the
Borrower).
8.