At a conference in the German capital, [Deutsche Bank chief executive Josef] Ackermann also said the bank’s obligation to hold Greek bonds had cost it 400 million euros this year.
That’s via Reuters. No one’s forcing Deutsche to hold the debt, or tender it into the voluntary bond swap, of course. Are they? We’ll highlight comments from Toxia chief executive Pierre Mariani this week:
“Maybe our naivete was to accept too easily the requests by governments,” he said, referring to requests to maintain exposure to Greek debt. “We never had a problem of solvency but one of liquidity given our large portfolio of sovereign debt.”
Curious turns of phrase.
Related link:
The swap is dead, long live the swap – FT Alphaville