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NOTICE 08/12
11/3/2012
Friends, friends synomologiouchoi,
For days we knew our counterparts will not be excluded from the process of PSI. The vote that ended Thursday evening, had 3 possible outcomes., Which I quote briefly.
First, there was so much voluntary participation, over 90% (though there had been formally limit), so that the exiskounto Collective Action Clauses (CACs). This scenario would leave us unscathed, and was the scenario that everyone hoped. In the last hours before the announcement of results, some of us, either by reading unfounded journalistic information or wanting to keep alive the flame of hope and ignoring for a moment the voice of reason began to believe that this scenario is hope. How all the PSI was a theater of EU leaders that Germany did not want anything to be mobilized CACs, and thus the CDSs. This scenario is likely to have minimal market cycles. And none of us gave him a good chance
The second scenario is what happened. Good participation in the PSI. Enough to have a quorum, and be able to trigger clauses. The 95% who had success as the government was apparently by activation of CACs. The percentage was calculated by the Troika in the baseline impairment debt was 95% (random?). From a Germany did not want to pay the CDS and a credit event in the EU and the other did not want to own money, to achieve significant gains who bought a large discount. The first tilted the balance in favor of the non-activation of CACs, and the other for activation. The first had prestige value, as CDS is not alleged to have sold a German bank, while the second was worth money and politics. As I said in the paragraph above, those who were closest to the markets had anticipated this scenario. So does the stock reacted very mildly to the announcement of the result
The third scenario was the rejection of the PSI. Small volunteer participation, and weakness with or without impairment clauses debt. This scenario would be disastrous. Then no one, including us, will not be paid. This scenario is brought closer to certain funds, for reasons that are not present to analyze. The likelihood of this scenario was very small, as the IIF represented about 80% of creditors, and was committed after months of negotiations that will participate voluntarily.
So on Friday, just confirmed what everyone expected. Koureftikan our counterparts. The damage to our present values are 80%, not 53% as gullible journalists claim. And it will soon become the standard and exchange of securities, which can not be prevented. And for those asking, the exchange would be no consensus, question, signed by anyone. This also means CAC. So where are we today and what we do tomorrow?
We received (willingly or not) what until yesterday Mr. Venizelos said that first haircut and after compensation. What was the argument? That the country will cope better with any legal proceedings against it if it makes no discrimination between creditors during the haircut, and compensating our ex post than if we exclude from the beginning. We know that now they're exceptions (ECB, Central Banks, bonds and some foreign law). We could have done something before Thursday, March 8? Unfortunately, our Association is still "under formation". We expect approval by judicial authorities, which may take several weeks yet. But suppose that the Association was legally ready, or that a group of bondholders acting collectively as a single set of individuals. What could have done? First to succeed except through pressure. This we did with all our might, individually and collectively, unfortunately without result. The second could a group or association to do, is to blatantly ignore the promises of the Government, and to stand in the whole thing off Debt. Please submit any injunction, hoping in vain-to obstacles rather the entire process. To act against the public interest. This practice could not, as 'being formed' Association to follow, but primarily we did not want. Our opponent is not Greece.
First we want to achieve the PSI. We do not want the banks to either collapse or the state to lead to disorderly bankruptcy. Regardless of political affiliation, and whether or not to get up here, the dilemma of voting, our position was clear. Abstinence, so as not to adversely affect the achievement of the required 66% for the success of the PSI. Was not an obstacle to the effort of the government. We accepted necessarily, until proven otherwise, that by joining and we at PSI, the government could easily compensate us in full, has a plan, but for tactical reasons he could not reveal.
Now, the vote was over, the government should open the paper, and to reveal the plan is for us. The critical period has passed. It may still be some outstanding formal and procedural issues for the PSI, but our tolerance was up to the vote, and exhausted. Today, we asked in our letter to the government to reveal how universal and complete our compensation, if any. Up to finalize the issues of the Association, will push to have final and complete coverage, with a red line on cost, time and regardless of how the market. We aim to regulate the matter by this House in the coming days, and before formally entering an election period, when it will not be allowed to legislate.
If desired, categorical statement, legislation has been in short time. If you hear that the PSI is not over yet, because the standard is pending, eg exchange of securities, and other excuses to have to shift the problem to the next government. If you listen minced words or solutions that are not clear-with legislation in this parliament, or solutions that do not serve us in our entirety. If you try to meet some of us and give vague promises to others, then it's time the courts. Until then we need calmness, composure, and pressure everywhere. At present, we believe the government said there is a plan for full compensation immediately. Until proven otherwise.
The more our faith as much-or left-to the present Government, as described above, has a deadline a few hours. Not blackmail us. Those of us blackmailed. Until today we were allies. Soon, however, by their own inertia or choice, we find confronting. On the issue of undesirable then, but possibly needed refuge in judicial process, choosing the best law firms, with the best possible terms, can only be done if the issues of the club closed. People run to make them as soon as possible. Obviously, this can not be achieved with a club "to be established." Proper legal representation is important when representing a piece of more than 2 billion, held by individuals bondholders. Not with facebook, aliases and e-mail. So, beyond the procedural, it is also important to record, and attract new members.
Everyday we come in contact with lawyers, who would like to represent us. The legal action, will be long and requires great patience. "8 to 12 years," he said famous lawyer. The success of the case is very likely, the main opponent "public and national interest."
Many members of our team work and coordinated work every day to find the best possible legal representation
of our association.
Some asked to propose solutions immediately. To make concessions. NEVER make concessions before you hear the positions of the other side. And the other side, we do not yet speak! Do you think we will improve our negotiating power, reducing our requirements when we do not accept nor even meeting? But, to call us, believe that they are able to evaluate anything other than cash? Let me explain: Suppose we offer shares or property.
Or even, and especially for our new bonds creditworthy worse than they would have the legal persons (under Greek law, no secondary market and therefore discount the possibility, etc.). Who among you is able to evaluate the offer? Given the proven unreliability of the Greek government, we need a group of experts and legal consultants, procedures and months of negotiations, is to assess any proposal. Even banks highly liquid shares, entirely hypothetical scenario, one can not guarantee at what price will we then had to liquidate, if together, 2.2dis euros, try to do so immediately. The shares will be locked in Limit down.
So, in conclusion, our steps are:
1. Pressure everywhere to keep the issue in public, until you get the response plan that promised us that there is, if
2. Accelerating the process of establishing the Association.
3. Publicity In order to obtain the largest possible share of more than 2 billion of bonds held by individuals.
4. Once you have made the 2 and 3, the legal representation will be much easier, and be sure that there is, and will be dynamic.
The Board is a staunch supporter of those who want to help. Anyone can reach influential people (current and prospective MPs, journalists, academics and the arts), to inform and help to increase the membership. Fragmentary movements, protests, and threats are not supported by the Board at this stage which we have just formally establishing the Association will be elected. Directed against the government ignores us and mock us. Not directed against the state or against the banking system. Let others explain the apparent effect of their actions on deposits, the solvency of the banking system in the state. Our opponent will be the government. And our strength is our consistency.
You will receive instructions for filing the contribution for subscribing to our club, as well as the first, hopefully mazikotati, our intercourse.
We tell you about any development,
Restraint and patience. Now it's just the beginning.
The Interim Board