http://www.zerohedge.com/news/greek-psi-lawsuits-begin
Submitted by Tyler Durden on 03/12/2012 13:03 -0400
http://www.zerohedge.com/news/adding-insult-injury-greek-gas-prices-are-now-highest-europe
Submitted by Tyler Durden on 03/12/2012 12:08 -0400
and around the horn in Greece with news item from their 5pm cut.....
http://www.athensnews.gr/portal/1/54003
The Greek PSI Lawsuits Begin
You didn't think investors would voluntarily give up on the potential to generate returns between 50% and 333% now did you following the 'coercively voluntary' (aka Schrodinger Spanish Inquisition) Greek debt exchange? Because here they come. Reuters reports that a Hamburg law firm representing 110 Greek bond holders have formed a class action group and intend to sue banks and the Greek state following the Greek swap. It is unclear yet if there are any hedge funds participating in the group, or if these are the entities represented by Bingham. Most likely not: those will almost certainly seek non-class action status so as not to dilute the legal effort, if not fees. However, now that the precedent is set, look for the onslaught of lawsuits to start in earnest. What is probably quite important is that European taxpayers will now be delighted to know they are paying the Troika lawyers' $1000/hour legal fees (anduncapped expenses).
From Reuters:
and....Lawyers in Germany representing 110 Greek bond holders said on Monday they have formed a class action group and intend to sue banks and the Greek state following last week's Greek bond swap, which slashed more than 100 billion euros from Athens' debt.
The Hamburg legal firm said most of the investors had spent 100,000-500,000 euros on Greek paper, although the highest investment reached 3 million euros.It did not name any of the banks it might targett.
The suit, likely to be filed in Washington, will claim banks failed to properly advise clients about the risks of Greek paper and seek compensation.
Separately, lawyers will argue that Greece, in orchestrating a debt swap, infringed against a German-Greek investment treaty intended to protect German investors from political risk.
Lawyer Matthias Groepper of legal firm Groepper Koepke said those who had agreed to the terms of the debt swap would be unable to claim compensation.
This would prevent any suit derailing the overall deal.And here is the official google translated statement from the law firm:The State shall be liable - Investors are preparing lawsuits lawyers. Groepper KÖPKE has established an interest group for victims. More by lawyer Matthias Gröpper.
Hamburg / Athens, 03.12.2012. The Hamburg-based investors Groepper KÖPKE lawyers lawyers have formed a protective association for buyers of Greek bonds and represent the demands of more than 110 Greek bond offerings. The investor advocates are preparing the first compensation lawsuits against banks and the state of Greece.Have cut the debt are private investors who bought Greek government bonds, particularly affected. You lose the current state of affairs up to 90% of their investment.
This must not be. On the banking and capital markets specialist national institute of investor protection firm Groepper KÖPKE lawyers has formed a protective association, representing Greece-bond claimant. Attorney Matthew Gröpper: "The victims have been discussed frequently wrong. If you did not tell the bank that they can lose their entire effort, she is liable. "The banks should have known at least since the Argentine collapse that government bonds are not sure.
In addition, should adhere Greece. The Greek government intends to investors who have not expressly agreed to the debt, effectively expropriating the retroactive adoption of CACs. Gröpper lawyer: "This is illegal. Between Germany and Greece, is an investment protection agreement. The contract protects the German investors to invest in Greece to political risks. Greece, the investor in case of Expropriation compensation. And that we believe would be a case of expropriation. "
The claims must be made ??in most cases in London, Washington or in Athens. Groepper KÖPKE lawyers is working with American, British and Greek lawyers.
Greece is broke, I get no money either way. Gröpper lawyer: "This is not true. The state has significant assets outside its territory. Just think of the messages. These are valuable properties. In a lawsuit against Argentina, an Argentine warship was seized. This brings millions. This could be related to the settlement of compensation claims against Greece also be conceivable. "Groepper KÖPKE advises lawyers: injured investors should have their claims by the banking and capital markets law specialized lawyer. Many victims can claim damages.
Contact Person: Mr. Matthias Gröpper lawyer, the lawyer Ms. Catia Sofia Neves Sequeira
http://www.zerohedge.com/news/adding-insult-injury-greek-gas-prices-are-now-highest-europe
Adding Insult To Injury, Greek Gas Prices Are Now The Highest In Europe
Just because being officially the first broke Eurozone country, having 50%+ youth unemployment, and a collapsing economy is not enough, adding absolutely insult to injury is the following chart from Reuters, which shows that compared to other European economies, Greece now has the highest gas price in the old continent. And indicatively while America complains over what is now the highest gas prices in 2012 per AAA, at $3.80 average for a gallon of regular, 30 cents higher than a month ago, and 35 cents higher compared to a year earlier, gas in Greece now sells for over $9.00/gallon. But at least the IMF's worst case projects that Greek economy will be flat in 2013. And that's the "worst case scenario." But at least Europe sure taught Iran a lesson by halting crude imports. Oh yes, that Iran just happened to be one of the biggest suppliers to Greece - oh well. At least Greece still gets to proudly say it is a European colony, everything else be damned.
and around the horn in Greece with news item from their 5pm cut.....
http://www.athensnews.gr/portal/1/54003
| News bites @ 5 | |||||
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 1. NO STOP FOR PARADE. Despite circulating rumours concerning the cancellation of this year’s 25th of March revolution day parade , a government meeting has given the celebrations a bright green light. Prime Minister Papademos expects his entire cabinet to be on hand at the parade, arguing that it presents and excellent chance to establish a unified front. Police plans for dealing with possible unrest, were not discussed. 2. A CLEAR DECISION. Syriza leader Alexis Tsipras leader Alexis Tsipras said on Monday that the "dilemma" in the upcoming general elections will be between a "Samaras-Venizelos joint government for implementation of the horrific new measures of the memorandum" and a "strong Syriza and strong Left for a new coalition of power that will relieve our country from the memorandum, giving hope to this country”. Tsipras accused New Democracy head Antonis Samaras and the uncontested candidate for the Pasok leadership, Evangelos Venizelos of having "a common target of joint government after the elections, in order to implement their commitments concerning the memorandum. This is why both are heavily attacking the Left, dredging up divisive lines from the past." 3. SHOOTOUT IN KALITHEA. Police officers from the Dias motorcycle unit, were involved in a shootout with two suspects on Monday morning in the Kalithea area. The exchange led to one police officer and one suspect being injured. Both suspects have been apprehended and are in police custody. Their exact purpose and plan has not been disclosed, but police are looking into the possibility of the suspects wanting to rob an ELTA post office, not far from where the shootout occurred. 4. NO POLITICIANS FOR US. The father of Dimitris Hondrokoukis, the young high jumper who took first place at the World Indoor Championships in Istanbul on Sunday, has stated that no politician has the right to congratulate his son, or any other athlete. Kyriakos Hondrokoukis, talking to Ant1 television said that Greek athletes try their best with no state support , so it stands to reason that no state representatives should be allowed to participate in their moments of triumph. 5. GREECE AT STARTING POINT. Finance Minister Evangelos Venizelos has stated that after the completion of the PSI, Greece has achieved a new starting position in its attempts to re-establish its place on the European and global scene. Speaking to CNBC, Venizelos brushed aside the 'credit event', or 'technical default', declared by the International Association of Swaps and Derivatives (ISDA) as not important for Greece, and countered claims that Greece will need a third bailout programme. | |||||
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