Looking at the new communication (4 April) issued by the Hell.Republic and comparing it with the old one (2 April)we find some interesting differences. First the and foremost we see that the 450million of the May12 bondholders somehow changed their vote. In the first communique bondholders voted down the proposed amendments while in this one it show the bond tendered. What happened and how and why bondholders changed their mind? The only think that we can assume is that either they were forced by some higher force to change their mind or that the Hell.Republic through some if its friends offered to buy them out at their price and then the new buyer submitted the bonds to PSI. If this is the case then it would destroy the myth that Greece does not pay hold outs and does not have the money to pay them. It means simply that the victims of this exercise are the retail bondholders and those outside the European magic circle of Banks (recapitalised). Most of the others have either been compensated through recapitalizations or exempted or given like in the case of Greek pension funds were promised assets to make good what they have lost.
The list of the bonds that changed their minds!
The list of the bonds that changed their minds!
| XS0147393861 | 15 May 2012 | 450,000,000 | Not Passed | PASSED |
| XS0354223827 | 26 March 2013 | 240,000,000 | Not Passed | PASSED |
| XS0165688648 | 02 April 2013 | 412,500,000 | Not Passed | PASSED |
| XS0142390904 | 30 January 2014 | 197,000,000 | Not Passed | PASSED |
| FR0010027557 | 29 October 2015 | 200,000,000 | Not Passed | PASSED |
| XS0071095045 | 08 November 2016 | 376,576,916 | Not Passed | PASSED |
| XS0078057725 | 03 July 2017 | 282,432,687 | Not Passed | PASSED |
| XS0079012166 | 08 August 2017 | 470,721,145 | Not Passed | PASSED |
| XS0110307930 | 14 April 2028 | 200,000,000 | Not Passed | PASSED |
| XS0191352847 | 17 July 2034 | 1,000,000,000 | Not Passed | PASSED |
| XS0292467775 | 25 July 2057 | 1,778,352,000 | Inquorate | PASSED |
