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January 25, 2012

Private investors demanding ECB participate in "haircut" on Greek loans

Amid the political wrangling over what to do about vacillating support for eurozone "emergency funds" and what the level of input from various countries should be (particularly Germany, which is balking at the huge sums being suggested) there is the coalescing demands of private investors who view the ECB's refusal to join in the haircut (which could be as high as 65% to 70% of holdings) as grossly unfair and a violation of prior agreements. Many investors are complaining that they took on the bonds while listening to the commitments of the ECB and other political leaders who pledged to see that default (and 70% haircuts!) never happened. Article at eKathimerini.

More about the Troika in Greece:

The June 2011 Troika Loan Plan

"Midterm" Troika plan passes Greek Parliament - June 2011

Troika primary requirement: Reduce the size of the Greek state - Sept 2011

Questions about Troika Powers in Greece - June 2011

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