Regarding the Minister’s reference to the SMP-program Greek Government bonds held by the ECB

The Minister of Finance, Yanis Varoufakis, in his keynote address at the Economist Athens Conference, referred to the idea that the ECB’s SMP-program Greek government (pre-2012) bonds (face value appr. 27 billion euros) be repaid through the ESM, with a possible parallel swap between new Greek government bonds and the ESM.

Some journalists chose to report this as the Minister having threatened, or announced, that the Greek government would not redeem the SMP-program Greek government bonds held by the ECB in July and August. This type of ‘journalism’ must, at long last, be isolated and shamed by the vast majority of journalists striving properly to inform the public.’s-reference-smp-program-greek-government-bonds-held-ecb


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