ND wants small bondholders to be excluded from PSI

Small bondholders should not have been affected by Greece's debt restructuring program, the conservative party said on Monday, adding that a “realistic solution” must be found to compensate them for their losses.

“New Democracy has from the very beginning supported the view that private individuals must be excluded from the haircut on bonds,” a party statement said after a meeting of ND leader Antonis Samaras with representatives of small bondholders.

About 11,000 thousand people saw a huge chunk of their investments go up in smoke in a debt restructuring program, or PSI, dictated by Greece's bailout deal with the European Union and the International Monetary Fund.

The government had previously said that citizens holding Greek bonds worth up to 100,000 euros would not be affected by the debt swap. But then Greece used collective action clauses to increase participation of investors in the program.

“The private individuals were basically saving their earnings while, at the same time, supporting the country. Unfortunately, they were not excluded [from the PSI],” the statement said.


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