Of coinage bondage

[Figleaf]

Coins help Greece to sell bonds

AP1 - Athens - The Greek government will offer a coin with every €1000 euro bond sold in a bid to smoothen the placement of a €750 million government bond loan that will roll over debt with higher interest rates.

(...)

Mint governor Papamonedas said: "Traditionally, Greek coins were kept for centuries for their beauty. The government simply wants to drive home the message to investors that beauty transcends profits". Brussels sources confirmed that Greece sought and obtained permission to reserve an unspecified number of 2 euro coins as gifts to bond buyers. In addition, every 1000th buyer will be surprised with a silver 5 euro coin.

Due to payment complication, UK buyers will not be eligible for the bonus coin. American banking house Goldman Sachs, widely known to have advised the Greek government on presenting unsubstantiated government budget statistics, has guaranteed the sale of the bond loan. In case a large portion of the loan does not sell, the American bank will receive a large number of coins. It is not known what Goldman Sachs would do with the coins.

(...)

Source: AP1

[bgriff99]

I don't believe I'm reading this.   Goldman will sell these bonds long to clients whose accounts they hold, then short them.   They are guaranteeing the subscription, not the value.   Will people ever learn?    Please tell me Germany, or somebody is setting up Goldman, and Greece is prearranged to default as soon as the sale period is over.

[Figleaf]

The ugly truth is that I was setting up the deal. Click on the link to the source and you will understand, you will realise which press agency is AP1 (it exists, but it's a Swedish pension fund) and why mint governor Papamonedas is not even a figure from Astérix, though he could have been...

Sorry.

Peter

[bgriff99]

Well that's a relief.... but no fair!    It was still March here when I read that.   

[squarecoinman]

very funny , even a week later

sqm

[constanius]

very funny , even a week later

sqm

Ditto 

Pat

[Arminius]

 

Very convincing as people expect every news concerning Greece now.