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A DOZEN BANKS, insurers and investment funds who own Greek government bonds have participate in a massive debt relief plan for the country, according to the body representing them in talks
The statement from the Institute of International Finance comes amid concern that not enough investors will voluntarily swap their Greek government bonds for new ones with a much lower face value, longer repayment deadlines and lower interest rates.
Private creditors have until Thursday night to sign up for the bond swap, which could slice as much as €107 billion off Greece’s €350 billion pile of national debt. Investors who participate would lose around 75 percent of the value of their overall bond holdings.
However, without the debt relief, Greece won’t get a second, €130 billion bailout from the other eurozone countries and the International Monetary Fund – and would default on its debts, likely leaving investors with much bigger losses.
The 12 big investors that have promised to participate in the plan include German insurer Allianz, French bank BNP Paribas, Germany’s Commerzbank and Deutsche Bank, as well as Greece’s Eurobank EFG and National Bank of Greece, the IIF said.
The banking group did not say how much Greek debt these institutions hold.
The participation of these investors doesn’t come as much of a surprise, as they were closely involved in negotiating the deal. Many of them also have close links to eurozone governments, which will be funding the bailout.
The bigger question will be whether less traditional bond investors, such as hedge funds that bought the bonds at a steep discount, will also sign up.
If not enough investors participate voluntarily, Greece has threatened to force losses on holdouts.
That, however, could trigger payouts on so-called credit default swaps — complex financial products that act as bond insurance — which the eurozone fears could cause panic on financial market.
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A violent beating seems a reasonable and proportional response
@Cian Nolan: agree totally with you
@Cian Nolan: This is the kind of thing they should bring back the medieval stock for. Have the townsfolk throw rotten veggies at them
@Cian Nolan:
That equally wrong – “violent beating” ????
@JusticeForJoe: That was the next thing I was going to say. Have often said it.
@JusticeForJoe: I prefer the punishment from midnight express
@Cian Nolan: The birch. Then deportation so we don’t have to pay for their incarceration. Is Van Diemans Land still open?
@lelookcoco: no its currently on lockdown because of the plague.
@Míleata Watch Co: Sounds like the perfect place for these vermin
@Tom kenny: Jaysis… when the warden lad brought his two kids in to watch him flog prisoners’ feet, wasn’t it? Or when Billy bit Rifki’s tongue off?
@JusticeForJoe: definitely the feet
I absolutely agree. As a first responder myself, I just cannot fathom how someone could do this and feel okay with themselves. Disgusting behaviour.
@Patrick Corr: That’s noble work. Fair play to ya
@JusticeForJoe: I think there are skills that should be taught in school.
@Patrick Corr: 100% agree, have been saying this for years. If mandatory cpr and first aid skills were brought into schools it would be fantastic!
They could add damage to lifebuoy rings to that list for mandatory sentencing.
@Sean: paragraph 5
Yea, like that’s gonna work. Get real guys, the judges ain’t goin’ to do anything realistic. Let the damage and the thuggery continue. We’ll all pay for it, health-wise and financially and it’ll continue.
@Richard Ahern: it would work if it was mandatory 5years for damaging live saving equipment.
@OConnelj: *life
@Richard Ahern: judges have to give mandatory sentences.
This again, no inaction from Dept of Justice since this started happening 4/5 years ago, what do we have to do? Can the Dept of Justice just legislate for this instead of us chasing them for years, you know, do the job they are charged with?
Just give me a few minutes in a room with whoever done it and they won’t be able to wheel themselves to the next one.
We need a massive investment in teaching miscreants the basics of civil society and if they don’t learn it at primary level maybe national service could do the trick?!
@Niall O’Reilly: it all begins in the home. Responsibility in the home has degraded over the years, for various reasons, which I won’t get into but I agree, zero tolerance for this carry on.
@Niall O’Reilly: A good idea in principle and I would agree. But would you want these people near live ammunition?
@Patrick Corr: some of the best statesmen have developed from problematic beginnings!
@Sean McCarthy: I second this for sure. Are kids even being taught to respect others these days, or themselves for that matter. But it does start in the home. These problems have been years in the making and now we find ourselves chasing down these ‘problems’ having to protect ourselves from them.
@Niall O’Reilly: like Hitler Stalin and Mussolini?
we as a people have got too soft ..
A stolen lifebuoy: a stolen life.
There is no fear of the law by thugs that do this kind of vandalism, that is the problem. ‘A recent bereavement in the family’ is a common excuse for this kind of violent behaviour towards people or public property. An absence of a defibrillator could mean the loss of someone’s life.
The lowest of the low. I can’t use the language I’d like to on here but whoever commits this crime should be dealt with severely.
Do someone for attempted manslaughter and make an example of them.
Take the cost from their welfare.
@Eamon Guilfoyle: the cost of the life?
@Eamon Guilfoyle: How do you know they are on Welfare? They could be a bunch of “rich” kids, returning to their middle class homes at the end of a night on the tiles.
As for sentencing; it’s long past time our Government took on the judiciary and examine sentencing in this country. As it is it’s a sick joke.
Additionally, we need to stop allowing these low lives access to free legal aid countless numbers of times.
But nothing will change untill we succeed in reminding our politicians & the judiciary that they are there to serve our needs. And not theirs. That WE do not pay them exorbitant salaries to massage each others egos.
Simple. Make those responsible stand for 8 hrs a day for a week with a sign saying ” Im the person that damaged this piece of life saving equipment”.
If they got Judge M*rtin Nol*n they would probably get a financial reward instead of prison.
Bring back public flogging. They wouldn’t do it again
I think it would help if there was more education in schools showing the importance of these life saving devices. They probably don’t even realise what they are for, not that that is an excuse. Maybe if they new the importance of them and the fact they could save someone’s life they might just stick to vandalising phone boxes or something else.
@Michael Hanley: Phone boxes? Very 20th century.
May i suggest we place these life saving devices outside Chemists instead of Leisureplexes which would have a high Teenager Base,They might think twice then for obvious reasons.
The punishment should be they get one used on them while there alive
@Ellie Mae: on their ballz
@Hugh Morris: i dont think the little scrotes who do this have any
imagine destruction of life saving equipment. some dirt out there.
definitely some low life council house teenagers mommy’s little angels. I hope the gardai finds them and break them
I think a hefty fine would suffice,might stop the ignorant eejits doing it,as in 600 to 1000 euro for tampering with it,may make them think twice!,it is life saving equipment and there are very few in small villages! As for prison sentence..good luck! 6 months dealt,12 months suspended!! We all know the justice system here!
Why do people try to sell these online is just crazy I came across 5 for sale since the start of January
Unfortunately if mandatory sentences were brought in they would be watered down, special exception, give credit for his past recorded, early plea, difficult background etc so by the time whom ever has damaged commented the offence would get off with a telling off, mandatory sentences only work if there is no loop hole to allow cases to be pleaded down
No need for minimum sentencing.
Just give them an electric induced heart attack and walk away. Tell them if they can find a defibrillator they they are sorted.
Attempted murder should fit the bill I think
Make them do community service in in a busy accident and emergency department in a hospital or ride in the back of an ambulance. Teach them first aid and how important defibrillators are to saving lives. Educate the ignorant.
have your say