Greece has decided to hire Rothschild investment bank to assist with their growing debt crisis.
(WASHINGTON, DC) 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 country has €7 billion of debt payments due this July, which it won’t be able to meet unless it receives new funds or carries out restructuring.
Earlier this month, the IMF which was urging for more austerity and describes Athens’ debt as unsustainable, called for "significant debt relief" to stop Greece's debts becoming "explosive."