Around the horn in Greece - by the way , what is the value of 25 billion of ESFS short term bonds and why didn't the Greeks get the cash instead of "paper " anyway ? Sounds like the ponzi games are stilling continuing.....

http://hat4uk.wordpress.com/2012/04/18/euroblown-you-couldnt-make-it-up-but-given-half-a-chance-the-eu-will-8/

EUROBLOWN: You couldn’t make it up, but given half a chance the EU will.

In something of a panic, the EU bailout fund today hastened to transfer 25bn euros worth of short-term EFSF bonds to Greece. The official version began, “Riding a wave of Athens stock exchange optimism about the future of Greek banks….”

Our thanks go to Winston Smith in the Ministry of Truth.

Some additional details were, however, more telling:

‘The EU loan transfer comes despite the fact that details about the terms for the participation and voting rights of existing bank shareholders in the new – largely state held – bank shares have not yet been finalised. The local market is also awaiting an April 20 deadline for the banks to announce the first quarterly results incorporating the amounts of losses incurred in their balance sheets from a 53.5% writedown on Greek debt….’

It’s also, of course, the deadline for paying off the Foreign Law bondholders.

and naturally look at this matched up with the following from Bloomberg news....

Greece Exchanges 20.3 Billion Euros of Foreign-Law Bonds

By Marcus Bensasson - Apr 12, 2012 6:42 AM ET

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Greece moved closer to concluding the biggest debt restructuring in history by exchanging 20.3 billion euros ($26.7 billion) of bonds issued under foreign law for new securities.

Together with the domestic-law bonds dealt with a month ago, it means that Greece has re-organized 198.6 billion euros of debt, according to a statement on the Finance Ministrywebsite. That’s about 96.6 percent of the 205.5 billion euros of notes eligible for restructuring, the government said.

Prime Minister Lucas Papademos called elections yesterday, stating that his interim government had completed its tasks of carrying out the sovereign debt exchange and securing a 130 billion-euro rescue package designed to stop the economy collapsing. In March, Greece forced holders of sovereign notes issued under domestic law to accept a 53.5 percent cut in the face value of the bonds, wiping about 100 billion euros off what the nation owes.

Greece warned foreign-law holdouts, too, that it will press for debt relief on the remaining securities “in due course.” It extended the deadline for responses to April 20, after which certain sweeteners will no longer be available, according to the Finance Ministry statement, dated yesterday.

Investors in seven series of bonds where negotiations were adjourned have until April 13 to respond.

and.....

Major banks count losses By Yiannis Papadoyiannis Alpha Bank, Eurobank EFG, National Bank and Piraeus Bank, the country’s four major commercial lenders, are on Friday expected to announce combined losses of more than 22 billion euros for 2011. This is due to the 53.5 percent haircut on Greek bonds through the private sector involvement (PSI) process as well as the deterioration of the quality of their loan portfolios as recorded during inspections by BlackRock Solutions. With amassed losses of 19 billion euros between them during the first nine months of the year, the country’s four main banks are expected to present fourth-quarter losses of some 3.6 billion euros, according to sources, taking their total losses to over 22.5 billion euros for the whole of the year. and.... ABN Amro turns down PSI offer ABN Amro Group NV, the lender nationalized by the Netherlands in 2008, declined to swap corporate loans backed by the Greek state for new securities, saying Wednesday the country’s debt-restructuring process is unclear. “There remained insufficient clarity as to why our loans were included” on a list by the Greek Finance Ministry in February, said Jeroen van Maarschalkerweerd, a spokesman for the Amsterdam-based lender. He said ABN Amro informed Greek representatives of its decision at a meeting in London. ABN Amro holds about 1.3 billion euros of Greek government-guaranteed corporate loans and notes, including loans to public transportation companies. Last year, the bank wrote down 880 million euros on the debt, which is governed by UK law. Greece said last week that it exchanged 20.3 billion euros of bonds issued under foreign law for new securities as part of the biggest debt restructuring in history. Together with the domestic law bonds dealt with in March, Greece reorganized 198.6 billion euros of debt, according to a statement on the Finance Ministry’s website on April 12. That’s about 96.6 percent of the 205.5 billion euros of notes eligible for restructuring, the government said. and.... EU proposes measures for growth  Brussels urges action in three main directions to revive the country’s economy By Costas Karkayiannis BRUSSELS - European Commission President Jose Manuel Barroso presented 30 measures in Strasbourg on Wednesday that cover the whole of the Greek economy and state mechanism spectrum and which, if applied, will bolster growth and employment in Greece. In a message timed for the pre-election period in this country, Barroso told the European Parliament that with the determination of all Greeks and the full support of the European Union, Greece can be transformed. “I would like to tell the Greek people that we shall succeed together,” he added. The proposals the Commission presented yesterday in its “Growth for Greece” draft are all included in the second program Athens has agreed to with its creditors, but according to Brussels and its Task Force to Greece, special emphasis must be placed on those proposals as they can bring about positive results relatively quickly and could change the picture of the economy within 2012. The data that Barroso presented showed that the total package for Greece -- including European subsidies -- comes to 380 billion euros, or 33,600 euros per Greek citizen, amounting to 177 percent of the country’s gross domestic product, while in the context of the post-World War II Marshall Plan each country had received support equal to 2.1 percent of its GDP. For some reason, the statement did not include the view of Greece’s official creditors that there will be no need for a third bailout package. There are three main sectors that should be given priority, according to the Commission. The first is the effective monitoring of public finances, including the extra measures amounting to 12 billion euros for 2013 and 2014. The second is the recapitalization of the domestic credit system along with a cash flow supply of up to 5 billion euros for small and medium-sized enterprises from the European structural funds. The third is the release of the potential of the private sector through beating bureaucracy and corruption and via the structural changes that will improve the operation of the state and the business climate in the country. and..... News bites @ 5 by Makis Papasimakopoulos 18 Apr 2012 All the major stories making the rounds. (file photo) 1. BARROSO LETTER IN FULL. The Athens News obtained a copy of the report that European Commission President José Manuel Barroso presented to the European Parliament in Strasbourg. The report calls on the government to implement a number “priority actions”. 2. SALARIES AND PENSIONS NOT SAFE YET. Finance Minister Filippos Sachinidis has warned that salaries and pensions are still not out of the firing line and has noted that the government to come forth after the May 6 elections will be responsible for the next series of actions that are needed. According to Sachinidis, they will ultimately be responsible for further cuts to salaries and pensions. 3. VENIZELOS SHOWS OFF PASOK IDEAS.The Pasok chief has presented his party's proposals to support and promote financial and market liquidity. According to Venizelos, "everyone talks about growth but growth is not just words, it is specific interventions that demand liquidity, the possibility to inject money into the market," he said. 4. NIARHOS INSTITUTE KEEPS IT GREEK.The Stavros Niarhos Foundation has won a much contested race and kept the silver cup, given to Spyros Louis for his 1896 Olympic Games Marathon race win, "Greek". In a statement released by the foundation, it was reported that their bid at the relevant Christie's auction on Wednesday, prevailed over those of other interested parties and so the cup, designed by Michel Breal, will remain on Greek soil and "will be shared with the Greek people". NOT DUSTED. You might be done with your prison sentence, but if you're an immigrant facing jail time in Greece, then you could be coming up against an extra 12 months behind bars, due to difficulties in forwarding deportation orders. Not only that, but these unfortunate fellows will be the first transported to the newly established detention centres. So out of one prison and into another one.