The damage to the rest of Europe from Greece leaving the euro would be “somewhere between catastrophic and Armageddon,” the chief negotiator for the body representing private sector holders of Greek bonds said on Wednesday. Charles Dallara, who as head of the International Institute of Finance (IIF) spent months in Athens negotiating the largest ever [...]
Tag Archives | IIF
Banks Want Technocrats to Run Greece, Not Politicians
ATHENS – As Greeks were set to vote on May 6 for a new government that could be another coalition administration, the country’s international lenders said if a stalemate results, that if a fragmented coalition government is elected without a clear mandate, then “an administration of technocrats should take over the running of the country [...]
Schaeuble Sends Warning on Greek Elections
On the eve of the Greek elections, German Finance Minister Wolfgang Schaeuble sent a warning to Greece that it will have to “bear the consequences” if it fails to elect a government that does not respect commitments made by the current government. Greek democracy appeared to be undermined once again by German Finance Minister Wolfgang [...]
IIF: Bond Swap Marks Important Step To Resolving Greek Crisis
The Institute of International Finance, a lobby group for the world’s largest banks, welcomed the results of the Greek debt swap on Friday, saying it will help stabilize the euro-zone economy and allow Greece time to implement reforms and eventually return to bond markets. “The very strong and positive result provides a major opportunity now [...]
Greece Down to the Wire With Debt Write-Down Deal
ATHENS – Greece will know by the end of March 8 if enough private investors have agreed to accept losses of 74 percent as part of a so-called Private Sector Involvement (PSI) deal designed to wipe out $13I) deal designed to wipe out $134 billion in the country’s debt and stave off default. The pending [...]
IIF: Greek Euro Exit Could Cost €1tn
Most of the main financial-media outlets are commenting today on an internal document from the Institute for International Finance (IIF) which warns of the potentially large risks that could arise from a debt default by Greece. The document, which was obtained by Reuters from a market source, was dated February 18th and marked “IIF Staff [...]
Venizelos Warns PSI Holdouts: We Won’t Pay
ATHENS – Greek Finance Minister Evangelos Venizelos, drawing a line in the sand, has told private investors in Greek bonds who don’t want to take losses as part of ongoing Private Sector Involvement (PSI) negotiation that they will be forced to anyway, and shouldn’t expect to be paid back in full. “Whoever thinks that they [...]
IIF’s Dallara Says Confident Greek Debt Swap Will Be Completed
The chief negotiator for the body representing private sector holders of Greek bonds expressed confidence on Saturday that a bond swap deal which is a key part of Greece’s bailout program would be completed successfully next week. “We can sense in our discussions with investors that momentum is building,” Charles Dallara, managing director of the [...]
Greece Moves to Make Investors Take Big Losses
ATHENS – Saved again by international lenders who agreed to a second bailout package, Greece has now told private investors it will pay most of them back only about 25 percent of what they are owed. Greece on Friday launched its official offer for a massive bond swap designed to knock euro107 billion ($142 billion) off [...]
IIF Recommends Members Carefully Consider New Deal
The body representing Greece΄s private-sector creditors said Tuesday it recommends they “carefully consider” a new deal forcing them to accept a bigger loss on their holdings of Greek bonds, according to Dow Jones. The International Institute of Finance said it viewed the deal “as building upon, and being broadly consistent with, the voluntary agreement reached [...]
Papademos Tells Greeks: Austerity or Chaos
ATHENS – With Greece on the brink of default unless it approves new austerity measures that could deepen a recession now in its fifth year, interim Prime Minister Lucas Papademos told lawmakers, including a growing number of rebels who oppose the terms dictated by international lenders, that the country has no choice and rejection would [...]
Greece Debt Reduction Deal Nears, but Second Needed
ATHENS – Just as Greece is seeking a second bailout to keep its economy from failing and defaulting on its loans under the weight of a staggering $460 billion debt – $41,818 for every man, woman and child in the country – coalition government officials said they are nearing an agreement on a deal to [...]
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05 / 24 EU Leaders Tell Greek Voters to Make “The Right Choice”
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05 / 23 A Crisis of Democracy: Greece
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05 / 23 Fearing Eurozone Exit, More Greeks Stop Paying Taxes
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05 / 23 Market Watch: ‘If Greece Exits Eurozone, Replace It With Turkey’
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05 / 23 Pilot Program Allows Immediate Visa for Turkish Tourists on Arrival to Greek Islands
Calendar – Exhibits, Concerts, Fun
- Thessaloniki: 50 Year Anniversary Commemorated of Seferis Literature Nobel Prize May 23, 2012
- ‘Doctors of the World’ International Conference to be Held in Greece May 22, 2012
- Crete is a Mediterranean ‘Treasure’ of Aromatic Plants and Herbs May 22, 2012
- Crete to Export Products to Australia May 21, 2012
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