100 Apple iPads save Greece $140 billion

[PracticalMac]

Cool read on CNet


Quoted part of it below.

The daunting task of restructuring Greece's debt fell to Bob Apfel and his company, Bondholder Communications Group, according to Fortune.

To help complete a complicated series of transactions in which the country's Finance Ministry agreed to settle for far less than the $270 billion owed, Apfel and his team used a network of iPads.

The task involved capturing approval from nearly 100,000 debt holders scattered around the world in a very short amount of time.

Armed with a custom-built debt-restructuring app, the effort's leadership, including representatives from the Finance Ministry, the Hellenic Exchange, the Bank of Greece, and three other external banks, were able to secure meetings with financial investors and overseers who would ultimately lead to Greece's debt relief.

The iPad and custom app allowed the team to access important data on the fly, including global clearing systems and back offices of banks around the globe.

As the team closed transactions on April 25, Greece's debt had been reduced to $130 billion.

"Split-second decisions were made that couldn't have been made without the data platform," Apfel said. "It was the largest financial transaction in the history of the world. And we couldn't have done it without the iPad."

 

[barkomatic]

Cool, but it's looking more grim for Greece regardless. They will go under soon--unless those iPads can print Euros.

 

[unibility]

We're head in the same direction as Greece if the current administration can't control its spending.

 

[burne]

Cool, but it's looking more grim for Greece regardless. They will go under soon--unless those iPads can print Euros.

It's banks bleeding Greece dry. If Germany wants to borrow a few billion they pay 0.07% interest. If you want 200K for a new house you pay 3.78% interest. If Greece wants to borrow money those friendly bankers have no trouble asking 7% interest.

Not looking for political debate, just pointing out that 'certain people' will gain immensly from Greece' current crisis and they will even gain more when Greece falters. Tar, feather and run them out of town riding a rail..

(Greece itself is no worry for America. The total debt of Greece is ten days of US public spending..)

 

[Redjericho]

It's banks bleeding Greece dry. If Germany wants to borrow a few billion they pay 0.07% interest. If you want 200K for a new house you pay 3.78% interest. If Greece wants to borrow money those friendly bankers have no trouble asking 7% interest.

Not looking for political debate, just pointing out that 'certain people' will gain immensly from Greece' current crisis and they will even gain more when Greece falters. Tar, feather and run them out of town riding a rail..

(Greece itself is no worry for America. The total debt of Greece is ten days of US public spending..)

Greece has been in so much crap for so long.