33Greece continues to pay its holdout creditors in full and on time (i.e. 100% of face value). The holdouts
are mostly distressed debt investors who bought minority blocking positions of 24 foreign-law bonds (many
of these bonds had CACs), then refused to participate in the debt exchange and threatened to sue Greece
in case it defaulted on them. They hold a total of EUR 5.5 bn, or 3% of the eligible principal. See Financial
Times, Dec. 15, 2011, \Fund threatens to sue over Greek bond losses" and New York Times, May 15, 2012
\Bet on Greek Bonds Paid O for 'Vulture Fund' ". See Zettelmeyer et al. (2013) for details.
Zettelmeyer, Jeromin, Christoph Trebesch, and Mitu Gulati. 2013. The Greek Debt
Restructuring: An Autopsy, CEPR Working Paper.
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