Tim Brinton

Bitva o dluhopisy

LONDÝN – Každý ví, že Řecko nebude schopno splatit svůj vnější dluh. Nyní jde jen o to, jak nejlépe zařídit, aby nikdo nepochopil, že Řecko ve skutečnosti bankrotuje.

V této otázce se to expertními plány jen hemží – najdeme mezi nimi zpětné odkupy dluhopisů, dluhopisové swapy nebo vytvoření eurobondů, jakési evropské verze „Bradyho dluhopisů“ emitovaných latinskoamerickými zeměmi, které se v 80. letech dostaly do platební neschopnosti. Podstatou všech podobných plánů je však vršení jedné várky dluhopisů na druhou ve snaze o kvadraturu kruhu v podobě řecké neschopnosti splácet své závazky a o minimalizaci ztrát, které hrozí řeckým věřitelům – většinou evropským bankám.

Každý týden se pošetilá klika evropských bankéřů a ministrů financí přesune z jednoho hlavního města do druhého, aby diskutovala o tom, který plán bankrotu/restrukturalizace přijmout. Řecká agonie mezitím pokračuje a „trhy“ čekají na to, až se budou moci vrhnout i na Portugalsko, Irsko, Itálii a Španělsko.

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