The bondholder

Θυμάστε τα SWAPS της  Goldman Sachs? (Κύριε Παπακωνσταντίνου τι θα γίνει με εκείνη την περιβόητη αναφορά που ζήτησε η ΕΕ για τις σχέσεις ΠΑΣΟΚ με Goldman Sachs;)

Ξαναβγήκαν στο προσκήνιο. Σε σημερινό άρθρο στο Bloomberg η EURO STAT εκμυστηρεύτηκε ότι δεν ξέρει το πραγματικό χρέος της Ελλάδος γιατί « ακόμα δεν έλαβε τα συμβόλαια των swaps από την κυβέρνηση» Αν θυμάστε τα είχαν ζητήσει τον Φεβρουάριο αλλά έλλειπε ο κόσμος και θα τα έδιναν την επόμενη εβδομάδα. Ακόμα περιμένουν.

Κάποια διαμάντια από το άρθρο

-          η Goldman Sachs ήταν η αρχή

-          Μιλεί ο Στουρνάρας που ήταν ένας από τους αρχιτέκτονες του swap

-          Τον Οκτώβριο θα γίνουν όλα γνωστά

-          Τα spreads θα είναι ψηλά γιατί δεν μας εμπιστεύονται

-          Θα γίνει αναδιάρθρωση του χρέους

Δηλαδή όλα πάνε στις τράπεζες και τα 110 και όταν τελειώσουν έχουμε αναδιάρθρωση του χρέους. Μια τρύπα στο νερό.

Έχω βάλει αποσπάσματα του άρθρου παρακάτω και το ολόκληρο άρθρο είναι στην ιστοσελίδα

http://www.bloomberg.com/news/2010-09-07/greek-debt-deals-hidden-from-eu-probed-as-400-yield-gap-shows-bond-doubts.html

Καλό σας βράδυ.

ΥΠ Τι μ*&&*ια ήταν αυτά της Εθνικής σήμερα. Όλοι περιμένουν συγχωνεύσεις και αυτοί είπαν «δεν είναι στους σχεδιασμούς μας». Ταβάνι τα spread. Φυσικό είναι. Χωρίς συγχωνεύσεις τα 110 δεν φτάνουν. Και ναι μαζεύουν λεφτά για να έχουν κεφάλαια – τώρα θα σκάσουν κάτι φούσκες που ίδιοι γέμισαν με αέρα. Κανένα οίκτο.

EU Probes Hidden Greek Deals as 400% Yield Gap Shows Doubt

Four months after the 110 billion- euro ($140 billion) bailout for Greece, the nation still hasn’t disclosed the full details of secret financial transactions it used to conceal debt.

“We have not seen the real documents,” Walter Radermacher, head of the European Union’s statistics agency Eurostat, said in a Sept. 2 interview in his Luxembourg office. Eurostat first requested the contracts in February.

Signed in 2000 and 2001, the Goldman swaps reduced the country’s foreign denominated debt in euro terms by 2.367 billion euros and lowered debt as a proportion of GDP to 103.7 percent from 105.3 percent, according to a Feb. 21 statement by Goldman.

The problem is that such contracts rely on an estimate that the future debt will be lower or economic activity much greater, allowing a country to meet higher payments, said Yannis Stournaras, director general of the Foundation for Economic and Industrial Research in Athens. He was chairman of Greece’s Council of Economic Advisors from 1994 through 2000.

“There are more, or even many, of this kind of swap operation, which we have to clarify,” said Radermacher, the former president of the German Federal Statistics Office who was appointed as the EU’s chief statistician in April 2008. “The Goldman Sachs case was the beginning.”

Radermacher vows new toughness when officials from his staff head to Greece this month to come up with a “solid estimate” of the total value of debt hidden by the opaque contracts. “This is a new era,” he said.

Finance Minister George Papaconstantinou said in an interview today. The statistics agency became independent from the finance ministry this year.

There is “a clear political will for full transparency in everything,” he said. “There is a clear and complete break with past practices.”

The transition to providing full and accurate data has been slow, according to Radermacher.

The EU’s statistics agency for months got partial responses to requests for complete records on the country’s use of swaps. Eurostat still doesn’t know the full number of contracts Greece signed that used historical or other non-market interest or currency rates. Nor does it know the total amount of debt covered by those transactions or the effect on the country’s debt-to-GDP ratio.

Greece’s statistics office blamed the delay in answers on a lack of staff and expertise in the field, said Eurostat officials.

Investors still don’t trust Greece. They demand yields more than five times that of Germany to hold 10-year Greek debt – a sign that buyers fear the country will have to reorganize its borrowing.

“I think restructuring will be a necessary part of them pulling out of the predicament they are in,” Andrew Bosomworth, Munich-based head of portfolio management at Pacific Investment Management Co., which oversees the world’s largest bond fund. He cited the projection of the International Monetary Fund, which foresees Greece’s debt topping out 149 percent of gross domestic product in 2012. Italy in May estimated that its debt would be 117.2 percent of economic output in 2012.