o (,Crash.> PO~EI paBLo TOVUIJ'[EPIKOl avorvel TO«onOatnlla» tOU IIEyoAou DKavliaAou tWVdAnvlKfdv CDS. onoKaAumovtae; reue paDIKOUe; «noIKtEC;». Autouc; linAalin nou <<t~oyapav» novtopovtac; em xpEoKonla tnc; EAAoliae;:ExoUIIE Dla xEpla lIae; rn Alala liE TOUe;KwlilKOUe;.n onolo nEpv.aIAPoVEI-IIEta~U oAAwv- nEvtE EAAnVIKEe; lponE~EC;. IEaGEplC; lI.EKO Kal taEnianllo swaps IOU EAAnVIKO'U linlloalou. To DUIIPoAala ~EnEpvouvla 12.000. H unoBEanlwvCDS nnu nlin EpEuvolal ana rn liLKaloouvn Kal tOUC;OIKOVOIIIKOUC; ElDaVVEAdc; EXEI npoKaAEoEI ooAo Kal DE noAmKo En[nElio. liE acpoPlln lie; KalaVVEAIEe; Kal Ta linll00iEulla1o YlO nl80vn EllnAoKn lOU OIKOYEVEIOKOUnEplpaAAoV10C; IOU npfdnv npwBunoupyou nwpyou nonavlipEou. 'Onw<; onoxcxorna ro "Crash» ana tnv aVOllUTlKrl kordotoan TWVEMnvlKwv CDS, 01KEp60oKonol EXOUVorotxnuotl-
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IIOC; TavlilolKnlne;lne;TIE, oMa OXI uovo. n r10 atoxaatpo 1WVaopatwv KEplioOKOnLKfdV funds. nou unoKlvouV ne; Enl8ioEle; Yla rnv nTfdXEuon Tnc;Xfdpae;, EXOUVIInEI Kal EAAnVIKEC;tponE~EC; aAAo KaIAEKO. 'Onwc; npOKUnTEIanD to atoLXda nou CPEPVELro CPWC; e tnc; linlloalo1nTac; anllEpa to «Crash» Kal bEL etn lilaBEon TOUKalO apliolilOC; OIKOVOIIIKOC; EloaVVEAiac; K. KopEae;, 1aEAAnviKa CDS ocpopOUV10 a~loxpEO tnc; AEH, to UOTE. TOUDIE, TWVEMHNIKON nETPEMION. Inc; E9NIKHI TPAnEZAI, me ALPHA BANK.1nc; ArpOTIKHHPAnEZAI. Inc; EUROBANK Kal me TPAnEZAI nEIPAIOI. o OIKnvopOe; nap' Apsuo navo nfdPYoC; NouAac;. jJa~( I-IE 10 OUVEPVCltn TOUOlKOV0l-IoMVO Kupidxo Tounpc KOTE8£OE uerd ono VOjJlKO EJ\£yXO 10 MolO JJETO EMnvlKa CDS, Ko8we; Kat olio 10 entuoxo O1OlXdo atOVOIKOVOlIlKO EloaVVEAta K. KopEa. Toutoxpovo TOVKallEoE va l;nTnDEI ~IKoarlKn Duv~pOJJn ono tOV ISDA (TOl$1£Bvn opyoVIDIIO nou Eival a'PllolilOC; va anocpav8&i Via to credit event Kal Tnv nAnpwlln TWV CDS), npoKEllltvou KaIEI1IanlJwc; va ovo(C;ouv 01 KWOIKO( Kat va onoKollucp8ouv nor01 clvot OUTO(nou OUjJjJ£1£lXOV OE nOlxvlola KEPOOOKO-
TaUrunvlKou oflpoa{ou. «r(oyapovro(» OE ompaAI01po KIVOUVOU(10 YVW01a we; CDS) to 0lloAoyo, IOU EAAnVIKOU linlloofou 'oAAaKal ee KoAuIIIIEVEC; 1100 AoVI£C; Ol COO. atO nEpicpnlla swaps (HeLlenicSecuritiK zaUon SA. Titlos Plc) nou £lXE EKOWO£1n Kuptpvnon Inultn OlOV 0 OnlJEplvo<; nptofnmoupvoc AOUKOC; analinn
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..... No onjJE:lw8d an n £v Myw Mara jJ£ roue KWOLKOUe;.nou yLO nponn rpopn onjJoOLEUE10L jJEOO one ne; oEMoEe; 10U «crash» KOL jJoe; M8nKE tnv COLO jJEpa nou EYXELp(omKav 01n OLKOLoouvn. EPXE1at OEOuvEXELa me; urivuone; vro tn XELpoywynon 10U i5njJoOLOU XpEOUe;. nou KmE8EQov OLK. NouAae; KOLTOIJnpae; KOL nou ElX£ Min oXEOm01El nEV1E jJrlVEe; npiv ana rnv ELoaywYrl !Jae; ow llNT KOLrnv unovpuqm tou rrporou Mvnuovlou, npo~Mnovlae; tnv KEpOOOKOnLKrl m[8wn nou 80 OKOAou80uOE.
nOlOI Kp:(ipoYTalnlaw ana reuc Kwi5lKoue;
H OUYKEKpLjJEvn MolO nou anELKov(~EL roue oAnSLVOUe;KWOLKOUe; ElVOLEva npawonK6 onxo KOLVWKOUjJEVW oro XEPLOme i5LKoLoouvne;. KO8we; yLO nporm Cjlopa i5[VE1OL i5uvm6mm vo j.JLn ArlOoUj.JE!JE onoi5El~ELe; KOL6XL jJE OopL01LEe;YLO M8EV CDS-cpoV1aojJom. A'U10 inou UIJEaa npEnEI va ViVtl a ndm ~IKalo,O'uvn npOKtllJEVOU' va :nE,O'tl unAE10 !pwe; a1n ,aiKav~aAw~n un09EO',n Eival va~ntl'ioEI'llnO to b.'lt8vl'i, IUV~E'O',1l0'IUIJPdO'E'(,,)VAvraUavl'ie; Kill napaywV(,,)V (International Swa,ps and IDerivatives Association-ISDA) ta nAI'i,pn 0'10IXEla IJE oVOIJ:a,tEnwVUIJO K,alliIEu9uvO'tte; oA("),v,oO'ol na{~ouv Ete; pupOe;tne; EUuliae;. ~EV(")V aUal Kal vtonlwv! No onjJELw8d 6n 0 pOAOe; 10U K.NoUAO am i5LKomLKrl i5LEpEuvnon me; unonpnTLKne;KEpi5ooKonLOe; ElVOLKomAuHKae;. 'Hon 10 mOLXElO nou EXOUVom i5La8wn roue OLMo avrpec npOKaAEOOV eporrnon otn IEpOUO(O me; lroMoC;.EVWK01E8wov otnv nCAn lOU T pdvr, dnou 0 ElOOYYEA£aC;xororuv EV10ArlC:;OU riptonv npwl 8unoupyou L. MnEpAOUOKOVL ~£K(vnOE EpEUVO vrn rn XELpoywynan TOU onjJoo(ou XPEOUC;me; IwMac;. Fio 10 SEjJo EXELEvnjJEpWSEl ono tov K. NouAa npOOWnLKa KOL0 nposdpoc me; N.ll. AV1wvne; LOjJopac;. aUjJqJwva jJE OrlAwon lOU.
~IK'nyo!poe; nwpyoe; NouAac; Kalt8EoE 0'10V Eloa.yytA.ta OIKOVOIJIKOUtvKAnj.latOe; K. Kopta tn AiO'1a lWV tM.'nvIKwv 'CDS IKaltOV KciAEOt VII avol~EI tOUe; KwlilKoue; VIII va anoKaAuql90uv 01 EKliotEe; Kal 01 K6tOXOI t(,,)V 1I00qlllAiatp(,,)v nou aUIJlltltxouv 0'10 nlllXYilil tne; IKtp~ooic.on(,ae; E'Ie;pcipoe; tne; xwpac; ,!lae;
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• TI YVWp[l;tLVtll to 9£IJa 0 np(,,)8unoupyoe; K. nana~nIJoe; KI, nou unr'ip~,av Kal O'1EAExn Tne; Goldman Sachs: • noaa KEqlciAala Exounon09ttl'iaEI
at ,auIJPoAala tunou CDS:
TpaVTO'XlciovalJaTa lpan£~~v nlaw ana ra CDS
TpavraX1d ovol.una ~lt8vwV1pllnEl;IKwv o (K(,,)V. onwe; n JP Mor'gan. n Deutsche Bank. n Gold:man Sachs, n HSBC. n Morgan! Stanley. O'ulJnEplAa,IIPc'i,vovra,1 avciIJEO'a 0'10Ue; EK~OlEe; t(,,)·V EU'nvlKwv CDS. 111onoia unoAov£l;oVtlll Ot 12.000 oU,lIpoAala'. fLO VOOVOAOVLmd Kovde; no00 E~6CjlSaAjJOaKovooAwi5ne; ElVOLn ouuuetoxri aUlwV1wvlpanE~wv 010 nOLXV(OL 10 CDS. apue KEl JJLajJLKpn cvonopo 010 noc no(~oV1OLaUla 10 auv8no npotovto aE JJLO ovopri nou ElVOLKOtE~OXrlV rropodvopn oMa Kat nMpwe; OVEAEVKm. To CDS n O}Jllwe; LUjJ~aon AvtaMaynr:; KLVMvou ASEmanc; (LAKA-CDS) AEllOUPYouv 6nwc; Eva KOLV6OaCjlOALolnpLo OUjJ~6t\OLO. npOKEUOL VLO jJio .Luj..l~oon AV1OAAOYrlr:; (LA). amv onoto 0 OYOpOO1rle;me; noovporonout oeipd nt\npwjJwv npoe; lOV OV1IOUjJ~OAA.6jJEVOnWAmn KOLO£ cvlaMaYjJa MXE1aL Eqldna~ nAnpwjJn OEnepmro,44 ,crash M6.PTIOC;/20 1 2
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