Sunday, February 5, 2012

No, Hedge Funds Can't Foreclose On The Acropolis

Zoe Chace reports for NPR:

Greece is broke. But there's no blueprint for a country to declare bankruptcy, so Greece's creditors are sort of making things up as they go along.

"You're taking some sort of loss," Hans Humes of Greylock Capital Management told me. "But it's like, how much of a loss do you take? There's this thing called sovereign immunity. You can't go in and take the Acropolis."

Greylock Capital Management is a hedge fund company that holds Greek bonds. So Humes is sitting across the table from Greece. There are lots of other creditors — people sitting alongside Humes — and they all want different things.

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Posted by Peacedream

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