Tuesday, 5 May 2015
Last updated 59 min ago
Dec 21 2011 | 2:15am ET
A hedge fund has imperiled Greece's bid to restructure its debt in an effort to avoid a default that could drag Europe deeper into a financial morass.
Madrid-based Vega Asset Management yesterday resigned from the private creditors steering committee, complaining about Greece's proposals on how to proceed with a voluntary bond swap, Reuters reports. The move throws into question whether an acceptable deal, which Greece has said was close, can be reached by a crucial March deadline.
Vega was the only fund represented on the steering committee.
Greece hopes to push through a voluntary swap the would cut its debt by €100 billion. Under the terms discussed, bondholders would accept a 50% discount on their holdings in return for cash and new bonds. It has also been agreed that bonds would be covered by British, and not Greek, law. But there is still disagreement on how much the new bonds will pay, what their maturity will be and what the conditions of any guarantees would be.
Greece wants 30-year bonds with a 4% coupon; the banks want 20-year bonds paying 8%.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…