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Friday, January 13, 2012

Lies Damned Lies!

The Greek political establishment are currently stating that no decision has been made yet on if, and when Greek bonds collective action clauses will be activated.

Which is kind of odd really, as on Monday this week I wrote that the decision had already been made.

"Greece is attempting to force its bondholders to accept a 60% haircut.

As I noted in
September last year:

the Greek haircut of 50% that everyone is talking about is of course nonsense."

In order to achieve this haircut, and to ensure that bondholders "accept" it, Greece is to introduce retroactive collection action clauses to bonds

Yet here we are on Friday (some five days later), and the Greek government is stating that no decision has been made.

Was I wrong then? I was not wrong, Amalia Negreponti (a respected Greek journalist) confirmed to me via Twitter that the decision has already been made:

amalia negreponti
" yes, it has. Since 2 days ago."
Could it be then that by denying this, the Greek political establishment is lying?
Surely Not!!!

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