Wednesday, March 21, 2012

Greece Only Paid 0.015% For The Big Swap

I'm surprised that Greece paid a really tiny fee to its bond swap advisors.  I'd like to know how they got away with such a tiny payout given the protracted length of the negotiations, epic deal size, and complexity of the offer.  There's more to this than meets the eye.  I wonder whether Lazard Freres stands to make anything on CDS payouts if the swap unravels.  Greek elections will put that to the test.