The €215 billion lent to Greece by her Eurozone siblings are likely among the very cheapest funding ever enjoyed by a sovereign borrower. Not only would the effective net interest rate so far be negative, but actually more so than those faced by essentially all countries lucky enough to have...

The famous Bankers Annuities granted to creditors of Charles II in 1677 contained a covenant that seems to make a clear promise of pro-rata payments to similarly-situated lenders. While the two Latin words are not actually to be found in the evidence I was able to unearth, modern-day observers...

The conventional interpretation of the pari passu clause found in sovereign debt contracts depends on whether the claim is secured or unsecured. We are told that ratable payments pari passus would be reserved for secured debts only (the idea being that each creditor should get an equally...

Experts tell us that the initial rationale for the use of pari passu clauses in sovereign debt documentation was to promise similarly-situated creditors an equal ratable share in the collateral underlying secured debts. This arrangement was deemed superior to the alternative, such as the...

It is commonly argued that no one today seems to know what a pari passu clause is doing in a sovereign debt contract. This is a problem, for pari passu is one of the most prominently displayed covenants in such documentalia. Having an utterly ubiquitous and utterly misunderstood piece of...

Virtually everything that is held as major conventional wisdom regarding the infamous bailout packages received by Greece is not true. Hard cold data dictates that the truth has been distorted, misreported, and blatantly hidden from view. The nature and requisiteness and effects of the rescue...

One of the most shocking and amazing aspects surrounding the infamous bailout programs that Greece has been immersed in since 2010 surely must be the fact that throughout that period the country has experienced a lackluster and fast declining tax collection rate. That is, even as Greece kept...

If there is one indelibly recurring myth surrounding the infamous bailout loans received by Greece for the last seven years it's that the money went overwhelmingly to foreign bankers (who owned allegedly massive Greek government bond portfolios). This ever so popular argument attempts to fan the...

A river of ink and controversy has been spent for the past seven years trying to ascertain and comprehend how the money loaned to Greece through the infamous Eurozone-IMF bailout programs has been used. Research pieces, live debates, and opinion articles aplenty have attempted to clarify things,...

Critics loudly complain that few if any of the €260 billion so far lent to Greece as part of the infamous bailouts that began in mid-2010 have directly benefited the Greek people. Nothing could be further from the truth. Not only is avoiding a historic sovereign default and the insolvency of...