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*ECB TO DISTRIBUTE PROFIT FROM SWAP TO GOVERNMENTS, WELT SAYS
Either someone has had too much schnapps or the ECB should start charging 2 and 20 because who else can buy bonds at 80, ride them down to 25 and claim they made a profit.
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BFW 02/16 16:37 ECB Swapping Greek Bonds for New Greek Bonds, Welt Says
BN 02/16 16:46 *ECB SPOKESMAN DECLINES TO COMMENT ON WELT BOND-SWAP REPORT
BN 02/16 16:39 *ECB TO DISTRIBUTE PROFIT FROM SWAP TO GOVERNMENTS, WELT SAYS
BN 02/16 16:38 *WELT: ECB SWAPPING EST. EU50 BLN GREEK BONDS AT NOMINAL VALUE
BN 02/16 16:37 *ECB TO PROFIT FROM BOND SWAP, WELT SAYS
BN 02/16 16:36 *ECB BOND SWAP TO BE COMPLETE BY MONDAY, WELT SAYS
BN 02/16 16:36 *ECB SWAPPING GREEK BONDS FOR NEW GREEK BONDS, WELT SAYS
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ECB Is Swapping Greek Bonds for New Greek Bonds, Die Welt Says
2012-02-16 16:54:16.15 GMT
By Gabi Thesing
Feb. 16 (Bloomberg) — The European Central Bank is
swapping its 50 billion euro Greek government bond holdings for
new Greek bonds, Germany’s Die Welt newspaper reported, citing
unidentified central bank officials.
The swap will be completed by Feb. 20, Die Welt said in a
pre-release of an article to be published tomorrow. The ECB is
swapping the bonds at their nominal value, generating a profit
because they were purchased at a discount.
The profits will be distributed via national central banks
to the governments who can do with them as they please, the
newspaper said.
This is a technical operation ensuring the ECB will not
have to take part in a private sector bond swap, Die Welt said.
Link to Company News:{2539Z GR <Equity> CN <GO>}
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To contact the reporter on this story:
Gabi Thesing in London at +44-20-7673-2153 or
gthesing@bloomberg.net
To contact the editor responsible for this story:
Craig Stirling at +44-20-7673-2841 or
cstirling1@bloomberg.net
