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, according to an NPR report.
"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 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.
And the European Central Bank wants all of its money back, so far, and doesn't want to take a loss at all. All of these people are on the same side of the table, but they have vastly different motivations. The Greek side is just as diverse….
Read more at http://www.npr.org/blogs/money/2012/01/26/145868170/no-hedge-funds-cant-foreclose-on-the-acropolis
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