Greece plans to hire Rothschild as debt adviser
© Alkis Konstantinidis / Reuters
As concerns over Greece and its debt mount, Athens has reportedly
decided to call in Rothschild, one of the oldest financial firms in the
world, to navigate the country’s long-running creditor stand-off and avert default.
According to the Financial Times,
Greek authorities hope to finalize the appointment before crunch debt
talks with eurozone finance ministers on February 20. The date has been
described as the last chance for a bailout review with the upcoming
elections in Europe likely to dominate the EU agenda.
Sources told
the FT that Rothschild is expected to advise Athens on all areas
connected to its debt, including negotiations with creditors, potential
inclusion in the European Central Bank’s €80 billion per month
bond-buying program and the resumption of Greek government bond sales.
They added the bank will be paid a bonus when Greece regains access to global debt markets.
The
Rothschild investment bank was founded over 200 years ago by Mayer
Amschel Rothschild. Five of his sons established banking businesses
around Europe and the firm today has more than three thousand employees
in 40 countries.
The
appointment of Rothschild as sovereign debt adviser will require
ministerial approval. The bank will thus replace US investment bank
Lazard, which worked on Greece’s bailout talks in 2012, and is currently
acting as financial adviser to the Greek Ministry of Energy.
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