...for vulture and distressed debt investors...I believe these are governed by U.K. law and holders of all bond holders are likely reviewing their exposures should a non-payment set the precedent.
ATHENS, May 11 (Reuters) - Greece's finance minister said on Friday he had
asked the prime minister to decide whether the country will pay a remaining
amount of 430 million euros ($557 million) of a bond maturing on May 15, which
was not part of a major bond swap.
Greece completed a huge debt
restructuring in early March, swapping a nominal amount of 177 billion euros of
government paper held by private creditors for new securities as part of its
second rescue package.
A few investors held out, rejecting the bond swap offer accepted by 96.9
percent of bondholders who suffered a real loss of 75 percent, leaving about 6
billion worth of bonds that Greece must decide how to treat.
Political deadlock after Sunday's national election is delaying a decision on
how Athens will deal with a bond expiring May 15, which is governed by foreign
"I have not taken a position on whether the bond should or should not be
paid," Filippos Sachinidis told Reuters.