Finland Proposes A Holding Company for Greek Assets: Not Fun Being A Greek; This Has Gone Way Over The Limit

Finland is now proposing a Luxembourg-based holding company for Greek assets to be used as collateral for Greek loans.

The proposal requires Greece to transfer assets to the company operating under Luxembourg law.

The privatization agency of Greece will own all shares in the holding company.

In the event of Greek default, ownership of the shares would transfer to member states.

One can only say: Yikes, if you are Greek. This is just way too much.