> Apparently, ECB has unilaterally changed the definition of Greek bonds.
>
> I don't quite get this stuff. Comment?
>
> http://www.zerohedge.com/news/ecb-has-opened-pandora%E2%80%99s-box
>
> Joanna
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Joseph Stiglitz wrote a piece on AJE that may help, but certainly confused me:
``Nothing illustrates better the political crosscurrents, special interests and shortsighted economics now at play in Europe than the debate over the restructuring of Greece's sovereign debt. Germany insists on a deep restructuring - at least a 50 per cent "haircut" for bondholders - whereas the European Central Bank (ECB) insists that any debt restructuring must be voluntary.''
http://www.aljazeera.com/indepth/opinion/2012/02/20122101182411133.html
So the piece you posted must be a complaint that bondholders were handed the haircut with no choice, hence the re-write of the terms of the contract. I am guessing. The contract we made was worth ten dollars. Now its worth five. Or something like that.
CG