The financial advisory and asset management firm Lazard in early 2012 had assisted Athens in brokering a 50-percent writedown on the country’s short and medium-term debt, better known as PSI.
Both members of today’s Greek Government coalition, left-wing radical SYRIZA and right-wing Independent Greeks (ANEL), had criticized the selection process of Lazard and particularly opposed to the 0,015% “extravagant” fee on the PSI writedown, claiming that Lazard would eventually receive EUR 25 million in fees.
Sources:
1. http://www.syriza.gr/article/Erwthsh-toy-Proedroy-ths-K.O.-toy-SYRIZA-Al.Tsipra-pros-ton-Ypoyrgo-Oikonomikwn:-Ypoyrgikes-apofaseis-gia-amoibes-dekadwn-ekatommyriwn-eyrw-se-etaireies-parochhs-nomikwn-yphresiwn-kai-chrhmatooikonomikwn-symboylwn-thn-wra-poy-epsachnan-gia-prwthypoyrgo.html#.VM86W2iUcWL
2. http://anexarthtoiellhnes.blogspot.gr/2012/03/blog-post_4925.html?m=1
Outcome: The collation Government’s Ministry of Finance on Saturday, 30 January 2015, said it had hired Lazard “to advise on issues of public debt and fiscal management”. Lazard CEO Matthieu Pigasse had said ahead of Saturday’s announcement that it was “absolutely necessary” to reduce half the Greek debt held by public institutions, effectively a cut of around 100 billion euros.
Source: http://www.ft.com/intl/cms/s/0/e61c32d4-a984-11e4-a28e-00144feab7de.html#axzz3QZnTArsT
As of today, the contract scope, selection process and relevant fees have not been disclosed.
KOLOTOUMBA.com 